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train · 300k rows

conversation stringlengths 56 26.4k
User (valtny): "Any tips that will help me out in the long run will be really appreciated. If it helps for context I want to have my own film/tv production company when I'm older." Self: "Learn to live with less. Always be saving part of your income. Keep monthly subscriptions to a minimum. "
User (valtny): "Any tips that will help me out in the long run will be really appreciated. If it helps for context I want to have my own film/tv production company when I'm older." Self: "Any time you are working, put 15% of your income into retirement. Never withdraw, never reduce. No exceptions. You'll thank me when you're 60. ;)"
User (valtny): "Any tips that will help me out in the long run will be really appreciated. If it helps for context I want to have my own film/tv production company when I'm older." Self: "Go read or listen to the total money makes over book by dave ramsey, it will change your life. and then read one of his suggested books, the million next door to learn what rich is really like." User (valtny): "Will do! Thank you!"
User (valtny): "Any tips that will help me out in the long run will be really appreciated. If it helps for context I want to have my own film/tv production company when I'm older." Self: "imagine yourself at 25 and ask what that person would do and 35, when making any major decision. When you're young, every decision feels urgent and important - a lot of the times, it's important to remember that walking away can be the best decision. Learn about cognitive biases, learn which ones you are particularly susceptible to (sunk cost fallacy for me) and then be consciously aware of those while making decisions." User (valtny): "Thank you, I appreciate this."
User (AshNazg): "Hi everyone, I was talking with my mom this evening about finances because I've been reading The Total Money Makeover by Dave Ramsey and lurking /r/personalfinance for a while. She has no idea what's going on with her money, so I asked her a few questions to get a general idea, but I don't really know what it all means, considering her age.\n\nShe (57 y/o) works a full time job making around $25k/yr. She's still paying off the house I grew up in, but her car is paid for. She makes enough monthly to pay her bills, so she's breaking even, more or less, every month, with about $13k in savings. The only debt she owns is the house, but the only money she makes is her paycheck.\n\nI found out she has about $35k in an IRA from when she was still married to my dad; I don't think it's been touched in a long long time. I don't know much about IRAs but I don't think they appreciate over time, and even if they do, I doubt it'll grow very much.\n\nI'm just worried about her getting older and not being able to retire. I know $35k is not enough to retire on at any age, realistically, and I don't even know how she can access that money anyway. I'm talking to her about budgeting her expenses and working on the processes outlined in Ramsey's book, but since she's almost 60, I worry that she won't have enough time to really make a serious investment in her future even by the time she's 70.\n\nWhat do you guys think? Thank you!" Self: "Well, social security will still be around in its entirety when she retires. IRAs do grow over time, depending on what she is invested in. You can take a look at that, perhaps change her options if there is something better. A 2020 or 2025 target date fund may be a good option, but do your research.\n\nHow much more does she have left on the house?\n\nBreaking even every month isn't the best. But, if she pays off the house before she retires, social security and her IRA might be enough. It sounds like she doesn't have very many expenses."
User (AshNazg): "Hi everyone, I was talking with my mom this evening about finances because I've been reading The Total Money Makeover by Dave Ramsey and lurking /r/personalfinance for a while. She has no idea what's going on with her money, so I asked her a few questions to get a general idea, but I don't really know what it all means, considering her age.\n\nShe (57 y/o) works a full time job making around $25k/yr. She's still paying off the house I grew up in, but her car is paid for. She makes enough monthly to pay her bills, so she's breaking even, more or less, every month, with about $13k in savings. The only debt she owns is the house, but the only money she makes is her paycheck.\n\nI found out she has about $35k in an IRA from when she was still married to my dad; I don't think it's been touched in a long long time. I don't know much about IRAs but I don't think they appreciate over time, and even if they do, I doubt it'll grow very much.\n\nI'm just worried about her getting older and not being able to retire. I know $35k is not enough to retire on at any age, realistically, and I don't even know how she can access that money anyway. I'm talking to her about budgeting her expenses and working on the processes outlined in Ramsey's book, but since she's almost 60, I worry that she won't have enough time to really make a serious investment in her future even by the time she's 70.\n\nWhat do you guys think? Thank you!" Self: "My mom is actually at a very similar age, income and investments.\n\nOne thing to look at is how much social security she should expect to get when she retires. That may be a non-trivial number if she has worked a lot (My mom has worked since 16 so she has a long history).\n\nOther than that.. you may need to help her if you are willing. I know I plan to, but my mom sacrificed a lot for me to be in the position I am today." User (AshNazg): "I absolutely plan to help my mom out as much as I can, and would even be open to her living with me, if my sister doesn't want to take her in. \n\nDo you know how to find out how much Social Security she would potentially get?" Self: "https://www.ssa.gov/myaccount/\n\nIf she makes an account (or you make one for her with her permission like I did.. my mom cant use a computer) it will give you the details."
User (AshNazg): "Hi everyone, I was talking with my mom this evening about finances because I've been reading The Total Money Makeover by Dave Ramsey and lurking /r/personalfinance for a while. She has no idea what's going on with her money, so I asked her a few questions to get a general idea, but I don't really know what it all means, considering her age.\n\nShe (57 y/o) works a full time job making around $25k/yr. She's still paying off the house I grew up in, but her car is paid for. She makes enough monthly to pay her bills, so she's breaking even, more or less, every month, with about $13k in savings. The only debt she owns is the house, but the only money she makes is her paycheck.\n\nI found out she has about $35k in an IRA from when she was still married to my dad; I don't think it's been touched in a long long time. I don't know much about IRAs but I don't think they appreciate over time, and even if they do, I doubt it'll grow very much.\n\nI'm just worried about her getting older and not being able to retire. I know $35k is not enough to retire on at any age, realistically, and I don't even know how she can access that money anyway. I'm talking to her about budgeting her expenses and working on the processes outlined in Ramsey's book, but since she's almost 60, I worry that she won't have enough time to really make a serious investment in her future even by the time she's 70.\n\nWhat do you guys think? Thank you!" Self: "My mom is very close to you as well. 60, part time job to payment monthly bills, paid car, only monthly "bill" is house. \n\nShe, for some reason really wants to keep the house and money in the bank so that she can give us something/some money when she dies. We have all tried to convince her that when she fully quits working, to sell the house and rent a decent apartment. With all the equity in the house and money in savings, she should be able to live another 25 years comfortably. Ask is she might be doing the same thing. My mom doesn't work her ass off just so she can leave me something when she dies."
User (AshNazg): "Hi everyone, I was talking with my mom this evening about finances because I've been reading The Total Money Makeover by Dave Ramsey and lurking /r/personalfinance for a while. She has no idea what's going on with her money, so I asked her a few questions to get a general idea, but I don't really know what it all means, considering her age.\n\nShe (57 y/o) works a full time job making around $25k/yr. She's still paying off the house I grew up in, but her car is paid for. She makes enough monthly to pay her bills, so she's breaking even, more or less, every month, with about $13k in savings. The only debt she owns is the house, but the only money she makes is her paycheck.\n\nI found out she has about $35k in an IRA from when she was still married to my dad; I don't think it's been touched in a long long time. I don't know much about IRAs but I don't think they appreciate over time, and even if they do, I doubt it'll grow very much.\n\nI'm just worried about her getting older and not being able to retire. I know $35k is not enough to retire on at any age, realistically, and I don't even know how she can access that money anyway. I'm talking to her about budgeting her expenses and working on the processes outlined in Ramsey's book, but since she's almost 60, I worry that she won't have enough time to really make a serious investment in her future even by the time she's 70.\n\nWhat do you guys think? Thank you!" Self: "Also check how much SS she would get if she collected on the record of her husband if she was married at least 10 years."
User (AshNazg): "Hi everyone, I was talking with my mom this evening about finances because I've been reading The Total Money Makeover by Dave Ramsey and lurking /r/personalfinance for a while. She has no idea what's going on with her money, so I asked her a few questions to get a general idea, but I don't really know what it all means, considering her age.\n\nShe (57 y/o) works a full time job making around $25k/yr. She's still paying off the house I grew up in, but her car is paid for. She makes enough monthly to pay her bills, so she's breaking even, more or less, every month, with about $13k in savings. The only debt she owns is the house, but the only money she makes is her paycheck.\n\nI found out she has about $35k in an IRA from when she was still married to my dad; I don't think it's been touched in a long long time. I don't know much about IRAs but I don't think they appreciate over time, and even if they do, I doubt it'll grow very much.\n\nI'm just worried about her getting older and not being able to retire. I know $35k is not enough to retire on at any age, realistically, and I don't even know how she can access that money anyway. I'm talking to her about budgeting her expenses and working on the processes outlined in Ramsey's book, but since she's almost 60, I worry that she won't have enough time to really make a serious investment in her future even by the time she's 70.\n\nWhat do you guys think? Thank you!" Self: "With your Mom being 57, only having $35K in retirement, owing on her home mortgage, and probably not saving much since she's only making $25K/year, unless something changes I think she'll likely:\n\n---end up being one of many who just needs to survive on her social security benefits when she retires. Average person gets appx $1,300/month from SS, but she can see her specifics here: \n\n-------Official site: https://www.ssa.gov/myaccount/\n\n-------AARP unofficial SS estimator that you could use for your Mom: http://www.aarp.org/work/social-security/social-security-benefits-calculator/\n\n---On the plus side, she can perhaps draw higher SS payments instead based on her ex-husband's lifetime earnings if..."If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if he or she has remarried) if: You are unmarried; You are age 62 or older"\n\nGeneral comments that could help:\n\n---Make sure her retirement account is invested in a decent performing growth stock mutual fund (ideally an index fund like S&P 500 since index funds are all no load and have very, very low expense fees). That way it will likely grow a reasonable amount versus ? by the time she's 65-70\n\n---Is there a lot of equity in her house? Asking because basically her retirement nest egg is going to be SS benefits, that $35K (+ any growth) retirement fund, and whatever equity she's built up in her home that she could turn into cash if she eventually sold the home.\n\n---Hoping that her ex-husbands SS benefits might be a lot higher than hers?\n\nP.S. I see you read Dave Ramsey. Generally good info for the most part, but he's way off on his "here's how much $ you'll have in retirement if you save X/year" because he assumes a crazy high 12% annual return after expenses, AND he recommends using one of his "Smartvestors" that all charge 5% front end loads. A realistic expected return is 7-8%/year, and that's if you use low expense, no-load mutual funds. As a rule of thumb a 12% return doubles your investment every 6 years, and an 8% annual return doubles your investment every 9 years." User (AshNazg): "The house is a junker and won't return much. That is good to know about the SS of my dad; they were married 15 years and she never remarried, so she should be getting a little off of his slice of cake.\n\nAs for the Dave Ramsey book, I figured the "you would have 10 million dollars by the time you're 65" seemed too good to be true, but just for me and where I'm at in life, his advice is perfectly fine."
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "Not sure what the laws are in your state but look at the registration. Here in CA If it's an "and" then you'll both need to sign off on selling/trading/refinancing the car. If it's an "or", only one of you needs to sign off. \n\nFWIW, unless you specify "and" when you sign for a joint car loan, it generally defaults to "or" so you should be good."
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "your company will expect you to pay,whos on title if your on title you can take it and sell it,you could stop paying and it would be reposed but you might still owe on it\n\nhttp://www.justanswer.com/law/1n7tq-ex-boyfriend-joint-owners-car-car.html"
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "Well if she isnt interested in communicating with you things will be pretty difficult. This is why making purchases like this as a non-married couple is very risky.\n\nI think you would have to refinance to get her off the loan, but she would have to sign away her stake in the car." User (IchabodBloodrain): "Agree on all counts. Only problem about refinancing is it's her only means of transportation. I'm pretty confident she won't sign it over because she knows she can't afford anything on her own. I agree, it was a risk. I can pay for it myself, heck, I already am. Thanks!" NeverEndingXsin (NeverEndingXsin): "If it's jointly owned then you can drive it as well, no reason why SHE should be driving it when YOU own it as well and YOU are making the payments on it."
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "You either buy her 1/2 out or you sell the car and split the profits.\n\nYou're paying for it, and I assume she hasn't been. So according to logic it's your vehicle, but since the title is in both of your names nobody cares where the payment's coming from.\n\nYour ex has a free car. Why should she want to "do the right thing"?\n\nArbitration or lawyer might get through (even though you might not have a leg to stand on legally), as obviously she has no moral or ethical qualms about cruising around in a car you're still paying for.\n\nLast option is to stop paying and repossess - you'll both take a hit but at least you're not stuck financing a car you'll never see again."
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "Was in the exact same situation as you my friend with an ex girlfriend. Tough position but luckily after days of back and forth arguing she agreed to allow me to put it in my name when I refinanced it. Only options seem to be to convince her (my ex also needed that car as it was her own form of transportation) to sign her name off, try and talk to the salesman that sold you the vehicle and see if maybe they can help you, or just keep the car and make the payments but don't let her drive since she isn't paying and you guys are splitting up. Good luck and I hope everything works out." User (IchabodBloodrain): "Thank you all SO much. I have some work to do. Hopefully she'll see reason and just sign the title over so I can refinance it in my name. Since both of our names are on the title and Georgia recognizes the 'and' part of it, we may just have to settle in small claims court we go. Time to get a certified letter drafted. "
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "Do you still have a key to the car? If so then do your best to get her to agree to let you buy her 1/2 of the car off of her, or for her to do same to you (with the one of you getting the car doing the refinancing). Needs to be an asap thing though, and do it in writing.\n\nIf no luck getting her to respond in any reasonable way in the next week-ish, then use your key to drive away with the vehicle. You both own it so you have the right to drive it too, and then you'll have the upper hand in getting this thing settled quickly / fairly. I highly doubt she'd ignore you on this topic if you have the car.\n\n***Note: I'm assuming that when you say you co-signed on the car loan that BOTH your names are also on the car title. Don't do this if your name isn't on the title too!"
User (IchabodBloodrain): "Recently broke up with my girlfriend. We have a 2009 LR2 Range Rover that is in both of our names. It's financed through the company I work for back in June of this year and the payments are automatically deducted from my paycheck. My ex does not have any interest in communicating with me to try to facilitate some form of resolving the issue, so I'm at a loss as what to do. \n\nI co-signed with her because her ex husband purposely ruined her credit. I was trying to do the right thing and help her out because I saw a future with her. I've fought very hard to get my credit above 720 and would like to keep it that way. I just don't know what options I have available to me since we're both listed on the title and I simply want to move on with my life. \n\nI don't expect much, if any, cooperation from her which further limits the options available. Any help or suggestions would be greatly appreciated. Thank you!" Self: "Well if she isnt interested in communicating with you things will be pretty difficult. This is why making purchases like this as a non-married couple is very risky.\n\nI think you would have to refinance to get her off the loan, but she would have to sign away her stake in the car." User (IchabodBloodrain): "Agree on all counts. Only problem about refinancing is it's her only means of transportation. I'm pretty confident she won't sign it over because she knows she can't afford anything on her own. I agree, it was a risk. I can pay for it myself, heck, I already am. Thanks!" Self: "> Only problem about refinancing is it's her only means of transportation. \n\nWell in that case she needs to be paying for all of it in order to drive it.. not sure how you can legally deal with all of this.\n\nIf you can afford that kind of vehicle you should be able to afford a lawyer to figure out what you can do." mrsmuntie (mrsmuntie): "OP is making payments on a 7 year old Range Rover. I don't think finances are that stable."
User (notinclinedtoresign): "This may of course not be exactly the right place to post this, and if not I would appreciate advice about where to post it. \n\nEssentially, I am highly interested in the field and would would love for anyone with knowledge about the current state of student affairs in higher education to advise me on whether now is a good time to gain an advanced degree in it, specifically an MS in College Student Personnel Services. I'm graduating from undergrad with a liberal arts degree and no debt, but also no connections or personal preparedness or relevant experience because I've been working and studying online. In grad school I intend to make the absolute most of it and get as much experience as possible. \n\nStill, I'm wondering if it's a mistake to go to grad school and get about 20,000 into debt to graduate with no relevant full time work experience and nothing extra to put on my resume. This seems to be a competitive field with fairly limited openings and I might have to look all over the country to keep options open as well. Anyone currently working at universities--how did you get your job and do you feel that grad school and 20k debt is worth the investment? What's the best way to begin working at a college without a masters degree (and a really broad BA degree) just to get experience? " Self: "I just graduated with the same degree in May. Please listen to what I tell you. \n\nDO NOT GO TO GRAD SCHOOL FOR STUDENT AFFAIRS WITHOUT AN ASSISTANTSHIP. \n\nThis is for two reasons... 1.) It is silly to take on debt for a degree where most people have their way paid for by their assistantship. 2.) Without an assistantship, your job prospects after graduation are going to be pretty bleak. Colleges want people with practical experience. The assistantship experience is probably more valuable in terms of getting the job than the theory you learn in the classroom. \n\nGo, but only if you can snag an assistantship. This is so important that many schools require you to have one. Most assistantship pay your tuition AND give you a (small) paycheck. It's too good of a deal to pass up. " Self: "And to add to this, it's becoming increasingly difficult to get a job in higher ed without a Masters. More and more jobs are requiring it. If not you first job, then your third job later on. Get the degree, for sure, but only of you have an assistantship. "
User (notinclinedtoresign): "This may of course not be exactly the right place to post this, and if not I would appreciate advice about where to post it. \n\nEssentially, I am highly interested in the field and would would love for anyone with knowledge about the current state of student affairs in higher education to advise me on whether now is a good time to gain an advanced degree in it, specifically an MS in College Student Personnel Services. I'm graduating from undergrad with a liberal arts degree and no debt, but also no connections or personal preparedness or relevant experience because I've been working and studying online. In grad school I intend to make the absolute most of it and get as much experience as possible. \n\nStill, I'm wondering if it's a mistake to go to grad school and get about 20,000 into debt to graduate with no relevant full time work experience and nothing extra to put on my resume. This seems to be a competitive field with fairly limited openings and I might have to look all over the country to keep options open as well. Anyone currently working at universities--how did you get your job and do you feel that grad school and 20k debt is worth the investment? What's the best way to begin working at a college without a masters degree (and a really broad BA degree) just to get experience? " Self: "I'm a current new student affairs professional who is currently taking grad classes part time. \nDEFINITELY don't go into a program without some sort of position that will offer tuition compensation. I'm in the camp that you should get tuition fully covered (because there's so many schools that will do it for you), but I'm not even on a 100% waiver. You will have a shot at assistantships, especially if you look at programs where assistantships are closely linked to the program itself, because most HESA programs see these as opportunities to get experience. When interviewing, talk about how being a nontraditional student was for you and what you want to learn from an assistantship."
User (notinclinedtoresign): "This may of course not be exactly the right place to post this, and if not I would appreciate advice about where to post it. \n\nEssentially, I am highly interested in the field and would would love for anyone with knowledge about the current state of student affairs in higher education to advise me on whether now is a good time to gain an advanced degree in it, specifically an MS in College Student Personnel Services. I'm graduating from undergrad with a liberal arts degree and no debt, but also no connections or personal preparedness or relevant experience because I've been working and studying online. In grad school I intend to make the absolute most of it and get as much experience as possible. \n\nStill, I'm wondering if it's a mistake to go to grad school and get about 20,000 into debt to graduate with no relevant full time work experience and nothing extra to put on my resume. This seems to be a competitive field with fairly limited openings and I might have to look all over the country to keep options open as well. Anyone currently working at universities--how did you get your job and do you feel that grad school and 20k debt is worth the investment? What's the best way to begin working at a college without a masters degree (and a really broad BA degree) just to get experience? " Self: "wat are the wages you would get,how many job openings,how much would you owe after,talk to someone who has done it"
User (notinclinedtoresign): "This may of course not be exactly the right place to post this, and if not I would appreciate advice about where to post it. \n\nEssentially, I am highly interested in the field and would would love for anyone with knowledge about the current state of student affairs in higher education to advise me on whether now is a good time to gain an advanced degree in it, specifically an MS in College Student Personnel Services. I'm graduating from undergrad with a liberal arts degree and no debt, but also no connections or personal preparedness or relevant experience because I've been working and studying online. In grad school I intend to make the absolute most of it and get as much experience as possible. \n\nStill, I'm wondering if it's a mistake to go to grad school and get about 20,000 into debt to graduate with no relevant full time work experience and nothing extra to put on my resume. This seems to be a competitive field with fairly limited openings and I might have to look all over the country to keep options open as well. Anyone currently working at universities--how did you get your job and do you feel that grad school and 20k debt is worth the investment? What's the best way to begin working at a college without a masters degree (and a really broad BA degree) just to get experience? " Self: "I just graduated with the same degree in May. Please listen to what I tell you. \n\nDO NOT GO TO GRAD SCHOOL FOR STUDENT AFFAIRS WITHOUT AN ASSISTANTSHIP. \n\nThis is for two reasons... 1.) It is silly to take on debt for a degree where most people have their way paid for by their assistantship. 2.) Without an assistantship, your job prospects after graduation are going to be pretty bleak. Colleges want people with practical experience. The assistantship experience is probably more valuable in terms of getting the job than the theory you learn in the classroom. \n\nGo, but only if you can snag an assistantship. This is so important that many schools require you to have one. Most assistantship pay your tuition AND give you a (small) paycheck. It's too good of a deal to pass up. " User (notinclinedtoresign): "Thank you! The specific program I'm looking at incorporates a practicum experience, but it's unpaid. I'm a bit worried about being accepted to a graduate assistantship, although I should have the right grades, simply because my life experience so far has been gaining an online degree and I don't have much of anything relevant to put on a resume or way to show qualities like counseling skills, etc. But I should probably give it a try. " Self: "I would highly advise against that program. " User (notinclinedtoresign): "OK. There is a program near me with an assistantship and I'll put my application in there and give it a shot. I can definitely see that I need as much experience and exposure as possible or I'll be lost. Thanks! "
User (xthat1guyx): "Hi. I receive direct deposit paychecks through my employer. I want to make sure I am being paid the correct amount for the amount of hours I work. I don't get a pay stub where it tells me what I made before taxes. All it shows is the amount deposited into my bank account after taxes. I'd like to see where they get that exact amount. \n\nIs there a site that has some sort of calculator where I put in the state I live in, how many hours I worked that week, and what I am being paid per hour then it calculates how much I make before and after taxes so I can then go and compare that (after) number to my bank statement where it shows the direct deposit? \n\nThank you." Self: "Ask your boss how to access the paystubs"
User (xthat1guyx): "Hi. I receive direct deposit paychecks through my employer. I want to make sure I am being paid the correct amount for the amount of hours I work. I don't get a pay stub where it tells me what I made before taxes. All it shows is the amount deposited into my bank account after taxes. I'd like to see where they get that exact amount. \n\nIs there a site that has some sort of calculator where I put in the state I live in, how many hours I worked that week, and what I am being paid per hour then it calculates how much I make before and after taxes so I can then go and compare that (after) number to my bank statement where it shows the direct deposit? \n\nThank you." Self: "You should be able to get paystubs without a physical check if yu request it. Otherwise you should have access online through a work portal. Contact your manager or HR to ask how." User (xthat1guyx): "Ahhhh thank you! :)"
User (Airballp): "Hey guys, \n\nI'm a 23 year old software engineer making about 130k/year. My company matches 50% of all my contributions, and I am contributing 18k of my own money to my Fidelity 401(k) every year for a total of 27k in annual contributions. I'm currently using a 2050 target date fund for my investments and I'd like to hear your specific suggestions for how I might do better. My intuition is that some of the cheaper funds below might make it worth managing this myself, especially this early in my career. Let me know if you need any more information than what's in the table below.\n\n\n\nName \| Asset Class \| Category \| Expense Ratio\n---\|---\|----\|----\nBTC LifePath 2020 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2030 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2040 O\| Blended Fund Investments \| N/A \| 0.08%\nBTC LifePath 2050 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath 2060 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath RET O \| Blended Fund Investments \| N/A \| 0.08%\nFID Contrafund Pool \| Stock Investments \| Large Cap \| 0.43%\nFID Growth CO Pool \| Stock Investments \| Large Cap \| 0.43%\nVANG RUS 1000 GR TR \| Stock Investments \| Large Cap \| 0.0216%\nVANG RUS 1000 VAL TR \| Stock Investments \| Large Cap \| 0.0202%\nVANG S&P 500 IDX TR \| Stock Investments \| Large Cap \| 0.0113%\nARTISAN MID CAP \| Stock Investments \| Mid-Cap \| 0.5041%\nDFA SM/MD CAP VAL \| Stock Investments \| Small Cap \| 0.2559%\nVANG RUS 2000 GR TR \| Stock Investments \| Small Cap \| 0.0304%\nRUSSELL INTL GROWTH \| Stock Investments \| International \| 0.5726%\nRUSSELL INTL VALUE \| Stock Investments \| International \| 0.5774%\nPIM ALL A ALL AUTH I (PAUIX) \| Blended Fund Investments \| N/A \| 1.93%\nPIM INFL RESP MA IS (PIRMX) \| Blended Fund Investments \| N/A \| 1.14%\nPIMCO TOTAL RETURN \| Bond Investments \| Income \| 0.27%\nVANG ST BD IDX IS PL (VBIPX) \| Bond Investments\| Income \| 0.04%\nBTC SHRT-TERM INV \| Short Term Investments \| N/A \| 0.04%\nBROKERAGELINK \| Other \| Other \| N/A\n" Self: "You may find these links helpful:\n\n- [401(k) Fund Selection Guide](http://www.reddit.com/r/personalfinance/wiki/401k_funds)\n- [401(k) FAQs](http://www.reddit.com/r/personalfinance/wiki/401k)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (Airballp): "Hey guys, \n\nI'm a 23 year old software engineer making about 130k/year. My company matches 50% of all my contributions, and I am contributing 18k of my own money to my Fidelity 401(k) every year for a total of 27k in annual contributions. I'm currently using a 2050 target date fund for my investments and I'd like to hear your specific suggestions for how I might do better. My intuition is that some of the cheaper funds below might make it worth managing this myself, especially this early in my career. Let me know if you need any more information than what's in the table below.\n\n\n\nName \| Asset Class \| Category \| Expense Ratio\n---\|---\|----\|----\nBTC LifePath 2020 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2030 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2040 O\| Blended Fund Investments \| N/A \| 0.08%\nBTC LifePath 2050 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath 2060 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath RET O \| Blended Fund Investments \| N/A \| 0.08%\nFID Contrafund Pool \| Stock Investments \| Large Cap \| 0.43%\nFID Growth CO Pool \| Stock Investments \| Large Cap \| 0.43%\nVANG RUS 1000 GR TR \| Stock Investments \| Large Cap \| 0.0216%\nVANG RUS 1000 VAL TR \| Stock Investments \| Large Cap \| 0.0202%\nVANG S&P 500 IDX TR \| Stock Investments \| Large Cap \| 0.0113%\nARTISAN MID CAP \| Stock Investments \| Mid-Cap \| 0.5041%\nDFA SM/MD CAP VAL \| Stock Investments \| Small Cap \| 0.2559%\nVANG RUS 2000 GR TR \| Stock Investments \| Small Cap \| 0.0304%\nRUSSELL INTL GROWTH \| Stock Investments \| International \| 0.5726%\nRUSSELL INTL VALUE \| Stock Investments \| International \| 0.5774%\nPIM ALL A ALL AUTH I (PAUIX) \| Blended Fund Investments \| N/A \| 1.93%\nPIM INFL RESP MA IS (PIRMX) \| Blended Fund Investments \| N/A \| 1.14%\nPIMCO TOTAL RETURN \| Bond Investments \| Income \| 0.27%\nVANG ST BD IDX IS PL (VBIPX) \| Bond Investments\| Income \| 0.04%\nBTC SHRT-TERM INV \| Short Term Investments \| N/A \| 0.04%\nBROKERAGELINK \| Other \| Other \| N/A\n" Self: "Up to you. The LifePath funds are still really cheap; don't feel bad if you want to go with those for a while until you build up more of a balance. Especially with no decent international funds, assuming the LifePath ones contain int'l."
User (Airballp): "Hey guys, \n\nI'm a 23 year old software engineer making about 130k/year. My company matches 50% of all my contributions, and I am contributing 18k of my own money to my Fidelity 401(k) every year for a total of 27k in annual contributions. I'm currently using a 2050 target date fund for my investments and I'd like to hear your specific suggestions for how I might do better. My intuition is that some of the cheaper funds below might make it worth managing this myself, especially this early in my career. Let me know if you need any more information than what's in the table below.\n\n\n\nName \| Asset Class \| Category \| Expense Ratio\n---\|---\|----\|----\nBTC LifePath 2020 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2030 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2040 O\| Blended Fund Investments \| N/A \| 0.08%\nBTC LifePath 2050 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath 2060 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath RET O \| Blended Fund Investments \| N/A \| 0.08%\nFID Contrafund Pool \| Stock Investments \| Large Cap \| 0.43%\nFID Growth CO Pool \| Stock Investments \| Large Cap \| 0.43%\nVANG RUS 1000 GR TR \| Stock Investments \| Large Cap \| 0.0216%\nVANG RUS 1000 VAL TR \| Stock Investments \| Large Cap \| 0.0202%\nVANG S&P 500 IDX TR \| Stock Investments \| Large Cap \| 0.0113%\nARTISAN MID CAP \| Stock Investments \| Mid-Cap \| 0.5041%\nDFA SM/MD CAP VAL \| Stock Investments \| Small Cap \| 0.2559%\nVANG RUS 2000 GR TR \| Stock Investments \| Small Cap \| 0.0304%\nRUSSELL INTL GROWTH \| Stock Investments \| International \| 0.5726%\nRUSSELL INTL VALUE \| Stock Investments \| International \| 0.5774%\nPIM ALL A ALL AUTH I (PAUIX) \| Blended Fund Investments \| N/A \| 1.93%\nPIM INFL RESP MA IS (PIRMX) \| Blended Fund Investments \| N/A \| 1.14%\nPIMCO TOTAL RETURN \| Bond Investments \| Income \| 0.27%\nVANG ST BD IDX IS PL (VBIPX) \| Bond Investments\| Income \| 0.04%\nBTC SHRT-TERM INV \| Short Term Investments \| N/A \| 0.04%\nBROKERAGELINK \| Other \| Other \| N/A\n" Self: "I don't see any international fund or total bond fund with acceptable expense ratios."
User (Airballp): "Hey guys, \n\nI'm a 23 year old software engineer making about 130k/year. My company matches 50% of all my contributions, and I am contributing 18k of my own money to my Fidelity 401(k) every year for a total of 27k in annual contributions. I'm currently using a 2050 target date fund for my investments and I'd like to hear your specific suggestions for how I might do better. My intuition is that some of the cheaper funds below might make it worth managing this myself, especially this early in my career. Let me know if you need any more information than what's in the table below.\n\n\n\nName \| Asset Class \| Category \| Expense Ratio\n---\|---\|----\|----\nBTC LifePath 2020 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2030 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2040 O\| Blended Fund Investments \| N/A \| 0.08%\nBTC LifePath 2050 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath 2060 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath RET O \| Blended Fund Investments \| N/A \| 0.08%\nFID Contrafund Pool \| Stock Investments \| Large Cap \| 0.43%\nFID Growth CO Pool \| Stock Investments \| Large Cap \| 0.43%\nVANG RUS 1000 GR TR \| Stock Investments \| Large Cap \| 0.0216%\nVANG RUS 1000 VAL TR \| Stock Investments \| Large Cap \| 0.0202%\nVANG S&P 500 IDX TR \| Stock Investments \| Large Cap \| 0.0113%\nARTISAN MID CAP \| Stock Investments \| Mid-Cap \| 0.5041%\nDFA SM/MD CAP VAL \| Stock Investments \| Small Cap \| 0.2559%\nVANG RUS 2000 GR TR \| Stock Investments \| Small Cap \| 0.0304%\nRUSSELL INTL GROWTH \| Stock Investments \| International \| 0.5726%\nRUSSELL INTL VALUE \| Stock Investments \| International \| 0.5774%\nPIM ALL A ALL AUTH I (PAUIX) \| Blended Fund Investments \| N/A \| 1.93%\nPIM INFL RESP MA IS (PIRMX) \| Blended Fund Investments \| N/A \| 1.14%\nPIMCO TOTAL RETURN \| Bond Investments \| Income \| 0.27%\nVANG ST BD IDX IS PL (VBIPX) \| Bond Investments\| Income \| 0.04%\nBTC SHRT-TERM INV \| Short Term Investments \| N/A \| 0.04%\nBROKERAGELINK \| Other \| Other \| N/A\n" Self: "The target dates are still super low - and with no low cost international option, I think the target date is your best bet. \n\n.08% is still a great deal"
User (Airballp): "Hey guys, \n\nI'm a 23 year old software engineer making about 130k/year. My company matches 50% of all my contributions, and I am contributing 18k of my own money to my Fidelity 401(k) every year for a total of 27k in annual contributions. I'm currently using a 2050 target date fund for my investments and I'd like to hear your specific suggestions for how I might do better. My intuition is that some of the cheaper funds below might make it worth managing this myself, especially this early in my career. Let me know if you need any more information than what's in the table below.\n\n\n\nName \| Asset Class \| Category \| Expense Ratio\n---\|---\|----\|----\nBTC LifePath 2020 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2030 O\| Blended Fund Investments\| N/A \| 0.08%\nBTC LifePath 2040 O\| Blended Fund Investments \| N/A \| 0.08%\nBTC LifePath 2050 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath 2060 O\| Blended Fund Investments \| N/A \| 0.09%\nBTC LifePath RET O \| Blended Fund Investments \| N/A \| 0.08%\nFID Contrafund Pool \| Stock Investments \| Large Cap \| 0.43%\nFID Growth CO Pool \| Stock Investments \| Large Cap \| 0.43%\nVANG RUS 1000 GR TR \| Stock Investments \| Large Cap \| 0.0216%\nVANG RUS 1000 VAL TR \| Stock Investments \| Large Cap \| 0.0202%\nVANG S&P 500 IDX TR \| Stock Investments \| Large Cap \| 0.0113%\nARTISAN MID CAP \| Stock Investments \| Mid-Cap \| 0.5041%\nDFA SM/MD CAP VAL \| Stock Investments \| Small Cap \| 0.2559%\nVANG RUS 2000 GR TR \| Stock Investments \| Small Cap \| 0.0304%\nRUSSELL INTL GROWTH \| Stock Investments \| International \| 0.5726%\nRUSSELL INTL VALUE \| Stock Investments \| International \| 0.5774%\nPIM ALL A ALL AUTH I (PAUIX) \| Blended Fund Investments \| N/A \| 1.93%\nPIM INFL RESP MA IS (PIRMX) \| Blended Fund Investments \| N/A \| 1.14%\nPIMCO TOTAL RETURN \| Bond Investments \| Income \| 0.27%\nVANG ST BD IDX IS PL (VBIPX) \| Bond Investments\| Income \| 0.04%\nBTC SHRT-TERM INV \| Short Term Investments \| N/A \| 0.04%\nBROKERAGELINK \| Other \| Other \| N/A\n" Self: "I would save for a house as well,morningstar rates all the funds"
User (Chowda289): "Okay, let's say I have a card with 1% cash back unlimited on everything all the time. Every quarter, I get 5% cash back for different store, like Costco. During the quarter for Costco, I make a purchase. Does that mean I get 6% cash back in total?" Self: "You get 5% cash back shopping at Costco during that quarter."
User (Chowda289): "Okay, let's say I have a card with 1% cash back unlimited on everything all the time. Every quarter, I get 5% cash back for different store, like Costco. During the quarter for Costco, I make a purchase. Does that mean I get 6% cash back in total?" Self: "Chase Freedom, eh?\n\nYou get 5% cash back at Costco during that period (and also Sam's Club and BJ's). This is given in the form of Ultimate Rewards points, which award at a point of 5 per $1.00 spent.\n\nEach point redeems for a penny (more or less, depending on how you redeem it. Sometimes points are worth more in travel or gift cards.)\n\nEverywhere else, $1 spent = 1 UR point = $0.01 cashback. You can redeem 2500 UR points for $25.00 cash. This is literal cash: it can be put into your checking account if you bank with Chase, or applied to your credit balance, or turned into a gift card, or whatever.\n\nMake sure you 'Activate' each quarter. You will have to log into the website at the end of the month to activate January 1st - March 31st. I don't believe early activation turns off your 5% for this month, but the points only start accumulating Jan 1st."
User (Chowda289): "Okay, let's say I have a card with 1% cash back unlimited on everything all the time. Every quarter, I get 5% cash back for different store, like Costco. During the quarter for Costco, I make a purchase. Does that mean I get 6% cash back in total?" Self: "if you don't shop you save 100%"
User (Chowda289): "Okay, let's say I have a card with 1% cash back unlimited on everything all the time. Every quarter, I get 5% cash back for different store, like Costco. During the quarter for Costco, I make a purchase. Does that mean I get 6% cash back in total?" User (Chowda289): "Okay. So in example: Barbie doll costs $2 at Walmart and $2 at Target. Walmart is 5% cash back for the quarter. Target gets 1% cash back unlimited, but through the rewards site, it says cashback bonus 5%. So then, I'd be better off getting Barbie from Target, right? (Because I'd get 6% instead of 5%???)"
User (Chowda289): "Okay, let's say I have a card with 1% cash back unlimited on everything all the time. Every quarter, I get 5% cash back for different store, like Costco. During the quarter for Costco, I make a purchase. Does that mean I get 6% cash back in total?" User (Chowda289): "Well...I kind of used Chase as an example, but I was just asking in general.\n\nOn to my next question...again, let's say I have 1% cash back unlimited on everything, but my card also has a "shop through us to earn more rewards." I want to make a purchase at popcornuniverse.eat (fake site.) If I shop through the credit card rewards site, it has 3% cashback bonus for popcornuniverse. (Not a quarterly deal.) Do I just earn 3% on my purchase, or am I earning 3% + the regular 1%?\n\nThanks!" WobblyApron (WobblyApron): "Generally that would be 3% in addition to the regular 1%. But your best bet is to contact your card company directly and ask them or wait until you get a statement and check against that. Also remember to disable any adblockers (if you use one) when using those rewards sites, otherwise the reward likely won't get processed." User (Chowda289): "Oh, I didn't know about adblockers. Thanks!"
User (Chowda289): "Okay, let's say I have a card with 1% cash back unlimited on everything all the time. Every quarter, I get 5% cash back for different store, like Costco. During the quarter for Costco, I make a purchase. Does that mean I get 6% cash back in total?" User (Chowda289): "Well...I kind of used Chase as an example, but I was just asking in general.\n\nOn to my next question...again, let's say I have 1% cash back unlimited on everything, but my card also has a "shop through us to earn more rewards." I want to make a purchase at popcornuniverse.eat (fake site.) If I shop through the credit card rewards site, it has 3% cashback bonus for popcornuniverse. (Not a quarterly deal.) Do I just earn 3% on my purchase, or am I earning 3% + the regular 1%?\n\nThanks!" newtoautomation (newtoautomation): "Usually 1%+3%. The 1% posts as usual; the 3% from the portal has different rules/restrictions/etc (such as "you can't use a promo code not listed in the portal", gift card purchases are often disqualified, etc.) and can take longer to post, depending on the merchant/portal." User (Chowda289): "What does it mean when it says, "4% cash back on first $1000 in purchases made on the Card Account"? Does that mean I have to spend $1000 before I get the 4% or the limit for the deal is $1000?" newtoautomation (newtoautomation): "The limit for 4% cash back would be $1000 in purchases."
User (redditreader2267): "23, Married, No kids, no debt, currently hourly employee at $20/hr, 401k at %3 matched by the company. Been with the company for 3 years. I have 25k in saving for a first home downpayment so far.\n\nOwner says he wants me to move to the new location about 3 hours away. Offering me salary if I move and says I need to tell him what I need to make a year. Its an extremely small company of 7 employees and I have no idea what to ask for. I inspect, certify, and repair a few accessories for aircraft if that helps put a price on it. \n\nKnowing that, what would you ask for a year? I'm wanted, but i don't know what too big of a jump would be, but I also don't want to miss out on funds. You guys as a community are unbelievably intelligent and I value your opinion. Thank you. " Self: "Do you know what your job title might be? If they want you specifically, use that to your advantage. Are you leaving your friends or family to go to this job 3 hours away?" User (redditreader2267): "unfortunately yes, moving away from both my wife's and my family as well. Friends too =( \n\nAs for title Inspector and repair technician/systems manager for an online education program/ also the drug and alcohol representative. Thats what I am now, but the owner mentioned this would be more of a management position where I would have an employee under me in the coming months/ year. Again, small company, so we all wear many hats. Because of that, i have no idea what to ask for."
User (redditreader2267): "23, Married, No kids, no debt, currently hourly employee at $20/hr, 401k at %3 matched by the company. Been with the company for 3 years. I have 25k in saving for a first home downpayment so far.\n\nOwner says he wants me to move to the new location about 3 hours away. Offering me salary if I move and says I need to tell him what I need to make a year. Its an extremely small company of 7 employees and I have no idea what to ask for. I inspect, certify, and repair a few accessories for aircraft if that helps put a price on it. \n\nKnowing that, what would you ask for a year? I'm wanted, but i don't know what too big of a jump would be, but I also don't want to miss out on funds. You guys as a community are unbelievably intelligent and I value your opinion. Thank you. " Self: "25% seems like a reasonable ask given that you would be moving to a management and salaried position. Is the cost of living higher/lower than your current location? Are they providing a relocation package to help pay for the move?" User (redditreader2267): "Relocation package: yes, no exact figure given as of yet as we haven't had our meeting, but any advice there would be appreciated. \n\nas for cost of living, its basically the same" Self: "It can depend on multiple things but first step is to figure out how much stuff you'd be moving and approximate costs to move (hiring movers or doing it yourself). If you're renting, I imagine you'll have to pay to break your lease and will also need to pay for security deposit at the new place. For reference, I've typically asked for $5000 when moving within the state (single, no kids, apartment living). Make sure that whatever amount they give you is grossed up since it's taxable income. " User (redditreader2267): "this helps immensely, thank you"
User (redditreader2267): "23, Married, No kids, no debt, currently hourly employee at $20/hr, 401k at %3 matched by the company. Been with the company for 3 years. I have 25k in saving for a first home downpayment so far.\n\nOwner says he wants me to move to the new location about 3 hours away. Offering me salary if I move and says I need to tell him what I need to make a year. Its an extremely small company of 7 employees and I have no idea what to ask for. I inspect, certify, and repair a few accessories for aircraft if that helps put a price on it. \n\nKnowing that, what would you ask for a year? I'm wanted, but i don't know what too big of a jump would be, but I also don't want to miss out on funds. You guys as a community are unbelievably intelligent and I value your opinion. Thank you. " Self: "If it were me id ask for $50k salary with annual 2% cost of living increase plus moving expenses with option to renegotiate if business improves. I would also make sure that since you will be moving to a salary position you get the amount of hours you are expected to work per week in writing or you may end up working 60hrs a week with little time off. Also make sure you get a fair amount of vacation and time off in writing. " User (redditreader2267): "thank you. So i think with everyones advice, I'm going to ask for 50k. Again thank you all for taking time to help out, you all collectively create an amazing community full of support. Even though i just made this account, I've been reading for a while. You guys gave me tips to get out of debt this year. Thanks again! "
User (sturbek): "Let's say there's a house with a mortgage of 3%, but the current rate has gone up to 5%. \n\nIf you were to sell it, is there a way to profit from the difference in rates?" Self: "I don't see how. But you will have to pay current rates when you buy a new house, so that is a big negative "
User (sturbek): "Let's say there's a house with a mortgage of 3%, but the current rate has gone up to 5%. \n\nIf you were to sell it, is there a way to profit from the difference in rates?" Self: "It's kind of irrelevant. You'll get paid a lump sum for the house and pay off your loan, as required by your mortgage agreement. If you choose to buy a house later, you'll be subject to those higher interest rates.\n\nIn fact, an increase in interest rates may exert downward pressure on housing prices."
User (sturbek): "Let's say there's a house with a mortgage of 3%, but the current rate has gone up to 5%. \n\nIf you were to sell it, is there a way to profit from the difference in rates?" Self: "You could offer it up as a lease purchase. You would take a5-10% non-refundable downpayment. You then lease the home to the buyer and apply a portion of the lease payment towards a downpayment. \n\nTypically that rent is 30% above market, which would be 25%-45% depending on the market conditions. You still retain ownership of the home for a set period of time, so you get the tax write-offs, depreciation and deferment if applicable. \n\nThey agree to purchase for a set future price based on standard market inflation. If they default or don't buy the house you keep great profits and find another lease buyer. If they do, you make a 20-40% greater profits than selling it today."
User (sturbek): "Let's say there's a house with a mortgage of 3%, but the current rate has gone up to 5%. \n\nIf you were to sell it, is there a way to profit from the difference in rates?" Self: "You could also do an all inclusive trust deed which is also known as a wrap around mortgage in addition if your loan is assumable"
User (sturbek): "Let's say there's a house with a mortgage of 3%, but the current rate has gone up to 5%. \n\nIf you were to sell it, is there a way to profit from the difference in rates?" Self: ""Assumable" mortgages are almost unheard of these days. The existing mortgage must be paid of upon the sale of the property."
User (sturbek): "Let's say there's a house with a mortgage of 3%, but the current rate has gone up to 5%. \n\nIf you were to sell it, is there a way to profit from the difference in rates?" Self: "Only if the mortgage is "assumable". Almost no mortgages are these days. Unless you are lucky and unusual enough to somehow have an assumable mortgage, you will be required to pay off and terminate your mortgage upon sale, so the rate won't make any difference.\n\n" Gibybo (Gibybo): ">Almost no mortgages are these days\n\nAll FHA mortgages are assumable." Self: "I didn't know that. Although, as of 2016, FHA mortgages only accounted for about 16.6% of the market, so probably still safe to say that "most" mortgages are not assumable.\n"
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "Also, do a Google search on how long or even whether the insurance companies will pay. In the Northridge quakes in So Cal, it took them up to seven years to pony up and only after being sued. Good luck trying to get money from an insurance company. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "Not here to answer your finance question, but it really depends on where in California you are. In some places big quakes are pretty rare and insurance is t worth it. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "Have you set aside the $35,000 deductible? Don't forget the COLA escalator each year will add to the amount of the deductible. You'll have to add to the amount you set aside. So the insurance premium is $35,800 each year. You could offset the deductible by investing it in some sort of fund or CD. At today's interest rates the yield will be kind of small. At 1.5% you would get $525.00." User (princetonwu): "i have the cash, but what is the COLA escalator you are referring to? isn't the deductible one-time deal? " cplanedriver (cplanedriver): "I'm pretty sure that was supposed to be 35k initially + 800/yr. \n\nI haven't heard of insurance that comes with a COLA adjustment. \n\nIf you have the cash the the poster is suggesting putting it in a CD and keeping the money for yourself instead of paying the insurance company. \n\nThe downside is that you have 35k tied up instead of just 800/yr. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "Totally depends on where in California. If you were in San Bernardino hills area I would suggest moving somewhere safer altogether but that's just me. In the right area it could pay off big time, as there are predictions for mega earthquakes in that area. It's been building up a long time and the way the continental plates are shaped and twisting against the other, the potential builds higher and higher until something really big happens. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "you only pay for rebuild cost,so is it $350,000 with out the land or with land,als depends on what house is built solid rock or sand,is it wood or stucco, http://www.bankrate.com/finance/insurance/earthquake-insurance-sturdier-home-coverage-1.aspx"
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "I live in LA and decided against it. You're assuming total damage to your home to make it worth it, but in reality the damage may be less than the deductible. My home survived Northridge, so I didn't think it would be worth it."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "In Florida, after they had Andrew in 2005, the hurricane insurance companies went bankrupt because there were so many claims. They just re-opened doors, because there's a state mandate to buy hurricane insurance. So. It may not save you." Black_Sheep_Boy (Black_Sheep_Boy): "Andrew wasn't in 2005, it was in 1992." AM_SHARK (AM_SHARK): "After years at sea, he came back, and this time it was personal."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No insurance is ever worth it. Until you need it. Then all of a sudden it seems like it would've been a good idea. I'd say 800 bucks a year is pretty decent peace of mind to protect 350k. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "I have lived in California for 11 years now, earthquakes are far and few between. And when we do get them, I either don't feel them because I was sleeping or they last only 2-3 seconds with extremely minimal damage. I personally cannot even remember the last earthquake I was awake during. If I were in your position, I would opt out on that." YouTee (YouTee): "except when it does happen. \n\nhttps://en.wikipedia.org/wiki/1906_San_Francisco_earthquake"
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "In Florida, after they had Andrew in 2005, the hurricane insurance companies went bankrupt because there were so many claims. They just re-opened doors, because there's a state mandate to buy hurricane insurance. So. It may not save you." tectonicus (tectonicus): "Most insurance companies get reinsurance to cover this kind of thing. I don't know about Andrew, though."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " tectonicus (tectonicus): "I am an earthquake scientist - there are plenty of possible earthquakes that could do more than 35k in damages. They will happen. Will they happen in the next 5-10 years? Probably not, but you never know. The past 100 years have been unusually low in California earthquakes given what we know about the earthquake record.\n\nThe OP should look at published earthquake hazard maps to get a sense of whether his/her house is in a region deemed higher risk. One thing to look at is groundshaking amplification, which does not depend on the source of the earthquake, but instead on how the ground beneath different areas will change how much shaking is experienced. See: http://pubs.usgs.gov/of/2001/of01-164/" User (princetonwu): "interesting map-- fwy's not to scale but pretty helpful. never mind, the missing highways make it seem like it's not to scale"
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "Have you set aside the $35,000 deductible? Don't forget the COLA escalator each year will add to the amount of the deductible. You'll have to add to the amount you set aside. So the insurance premium is $35,800 each year. You could offset the deductible by investing it in some sort of fund or CD. At today's interest rates the yield will be kind of small. At 1.5% you would get $525.00." Self: "Cost of living increase. If policy is full replacement they usually adjust the values insured by that percent. Check with the agent for details. Such as cost of labor and materials. Remember dwelling will have to be built to current code. Also the increased value of the house each year will cause the deductable to increase. This assuming you are insuring for full replacement not just a fixed amount. I'm suggesting you invest the deductable amount to guarantee that you have it if needed. You will always need the deductable available so that amount is a sunk cost. Therefore it must be considered part of the annual cost with the policy premium. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "I'd pay it with a smile on my face versus "losing everything."" dont_care- (dont_care-): "yeah but $67/mo seems steep for something wildly unlikely to happen. Would $200/mo be too much for you? " Self: "Assume the odds are 10% of an earthquake happening over a given time frame.\n\nIf my liability is $350K, then the adjusted risk valuation would be $35K. So yeah-- I'd pay it. " dont_care- (dont_care-): "now assume the odds are a far more realistic 0.01% \n\nIf the insurer thought the odds were 10%, they would charge much more than $67/mo" Self: "[I'm not so sure.](http://www.earthquakesafety.com/earthquake-faults.html)"
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "$800/yr seems super low for earthquake. I have seen earthquake insurances as high as $5-6k a year. Check if your house is anywhere near an earthquake fault, I bet that it's not even close and that's why the premium is so low, and chances of damage are super low (not impossible though). If you have $800 to spare - why not! "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "FWIW I considered the same thing recently - I live in Oregon, where the Cascadia Subduction Zone was (fairly) recently discovered. I've talked to a bunch of people about it, and while predictably the insurance agents think it's a great idea, everyone else I've talked to with backgrounds in real estate/construction/finance/former insurance industry people have said it's not worthwhile. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "We have a rental property that was impacted in the Napa quake. It was still habitable, but there was about $25k of damage, so below the deductible. That sucked. But we could grit our teeth, get a loan, and fix the problem without it really impacting our lives. Maybe that was a vacation or two we will not take or a couple years driving older cars or some money we will not save for our kids college. It sucked, but it did not drastically change our lives.\n\nSo our feeling after actually living the 10% was that if it had been a bit worse, if our tenant had needed to move out and we had been covering the whole cost of more repairs, we would have been grateful for any insurance we had. Because we could cover $25k without changing our lives but we could not have covered $100k. \n\nSo we still pay the Earthquake insurance on our home and rentals. Worth it to us, to sleep at night."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " Marjarey (Marjarey): "Insurance companies use reinsurance to spread a local risk world wide and limit how much the company is directly paying. This way they can insure something much more valuable than the company itself and still be able to pay out.\n\nFor example the New Zealand earthquakes were very destructive and one year had an approximate $40 Billion cost.(FYI, NZ is not a large place) And yet it was extensively paid out by insurance companies."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " User (princetonwu): "I was assuming for example a total loss (of 350k) from a mega quake, and therefore I would pony up 35k for rebuilding cost and the ins co. would pony up the 90%? is that how it works? " Marjarey (Marjarey): "That is how it works. Please make sure that $350k is actually enough to rebuild."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "just FYI, if there is a really big disaster like an earthquake that would do that much damage to your home, chances are it would do the same to the surrounding area. In cases like this the US federal government offers very low interest rate (as low as just over 1%) disaster loans to replace your home and personal belongings lost. So no I would not waste the money on earthquake ins as it is rather expensive. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "I'd pay it with a smile on my face versus "losing everything."" dont_care- (dont_care-): "yeah but $67/mo seems steep for something wildly unlikely to happen. Would $200/mo be too much for you? " Self: "Assume the odds are 10% of an earthquake happening over a given time frame.\n\nIf my liability is $350K, then the adjusted risk valuation would be $35K. So yeah-- I'd pay it. " dont_care- (dont_care-): "now assume the odds are a far more realistic 0.01% \n\nIf the insurer thought the odds were 10%, they would charge much more than $67/mo" User (princetonwu): "i've considered that, but I only ponied up b/c expert consider a big one will hit at some point (ie chance of 100% just don't know when)"
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "If an earthquake hit, could you pay off the loan without having a place to hit? With a 10% deductible you are paying 800 a year to avoid the risk of owing the whole amount.\n\nThats worth it IMO." Random5483 (Random5483): "If you live in a fault zone, $800 insurance can be a life saver. A large earthquake could set you back much more than $35k. Insurance is a bad financial investment 95% or more of the time. However, when it does help, it can be a life saver. I would willingly spend $800 per year to avoid a risk of $100k or more in potential losses. \n\nWith that said, it really depends on where you live. Live in Sacramento? It is not worth it as the zone is not an earthquake zone and any insurance should have better rates. Live in the San Francisco Bay Area? The insurance is probably worth it. \n\nA 10% deductible is sizable, but the majority of moderately priced policies will have a large deductible since most earthquakes do not cause damage that exceeds the deductible. But the times when you need the insurance is usually when the damage exceeds the deductible. If you live in an earthquake zone, shop around for policies and see if you can get better. If not, I would pay $800/year for the peace of mind alone. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "I have lived in California for 11 years now, earthquakes are far and few between. And when we do get them, I either don't feel them because I was sleeping or they last only 2-3 seconds with extremely minimal damage. I personally cannot even remember the last earthquake I was awake during. If I were in your position, I would opt out on that." ZombieBoobies (ZombieBoobies): "Last few years wasn't so bad. 1989 was bad. There's still empty lots in my town from buildings that fell down. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " tectonicus (tectonicus): "I am an earthquake scientist - there are plenty of possible earthquakes that could do more than 35k in damages. They will happen. Will they happen in the next 5-10 years? Probably not, but you never know. The past 100 years have been unusually low in California earthquakes given what we know about the earthquake record.\n\nThe OP should look at published earthquake hazard maps to get a sense of whether his/her house is in a region deemed higher risk. One thing to look at is groundshaking amplification, which does not depend on the source of the earthquake, but instead on how the ground beneath different areas will change how much shaking is experienced. See: http://pubs.usgs.gov/of/2001/of01-164/" xxam925 (xxam925): "Yes but also compare to the age of the house and local building codes. California construction is EXTREMELY robust. The chances of a newer residential home in California becoming a complete loss are extremely slim. Foundation is really the only thing that you would worry about in a big shift. Repairs for that would run... About 35k."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "My mother lives in California and her house was extensively damaged in the Northridge quake. Insurance paid for it."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " sikyon (sikyon): ">your insurance company will be bankrupt and give you nothing\n\nHighly unlikely that the Fed would allow that to happen." lowlifehoodrat (lowlifehoodrat): "What is the Fed going to do about a company being broke and not having monry to pay claims? Cant get blood out of a turnip." sikyon (sikyon): "Err... Did you not pay attention to the 2008 bailout? AIG was a major bailout recipient specifically because their insurance of credit default swaps and derivatives all came due at once. Typically retail insurance companies take insurance themselves on having to pay super-claims. You are looking at a major insurance agency failing again and the Fed wont let that happen due to the massive economic disruption it represents. For example even practically when AIG was failing planes were at risk of not flying due to a lack of insurance. Insurance is a cornerstone of the modern economy.\n\nThe Fed simply prints more money and invests/takes over the failing insurance firms and pays out claims, same thing that happened in 2008. " lowlifehoodrat (lowlifehoodrat): "The feds don't go around bailing out every business that ends up in trouble. 2008 was special circumstances (not saying I agree/disagree with the bailouts), but lets not act like this is an everyday occurrence." sikyon (sikyon): "A major earthquake in California large enough to make earthquake insurance agencies illiquid is absolutely a special circumstance that would be bailed out." lowlifehoodrat (lowlifehoodrat): "Sure, if you assume all the insurance companies ran out of miney."
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " User (princetonwu): "I was assuming for example a total loss (of 350k) from a mega quake, and therefore I would pony up 35k for rebuilding cost and the ins co. would pony up the 90%? is that how it works? " Self: "You think your house value of 350K would be lost in a mega quake? You live in California. Most of your value is in the land. " User (princetonwu): "350 is just the house. it doesn't include land" Self: "I didn't understand that, thank you for clarifying. That makes the decision much less clear to me. "
User (princetonwu): "people i talk to seem to have a 50/50 view on this. " Self: "No. There's very little chance your house would have 35K in damage after an earthquake. That type of earthquake would be so massive that we'd be looking at rebuilding local society and your insurance company will be bankrupt and give you nothing. The Loma Prieta did no damage to most houses, for comparison. It's reverse rainmaking. " tectonicus (tectonicus): "I am an earthquake scientist - there are plenty of possible earthquakes that could do more than 35k in damages. They will happen. Will they happen in the next 5-10 years? Probably not, but you never know. The past 100 years have been unusually low in California earthquakes given what we know about the earthquake record.\n\nThe OP should look at published earthquake hazard maps to get a sense of whether his/her house is in a region deemed higher risk. One thing to look at is groundshaking amplification, which does not depend on the source of the earthquake, but instead on how the ground beneath different areas will change how much shaking is experienced. See: http://pubs.usgs.gov/of/2001/of01-164/" Ieatbabies154 (Ieatbabies154): "How long have we been in cali to determine the last 100 years havent been that bad? We landed in ny \n1776, so safe to assume under 225 years?" tectonicus (tectonicus): "Geologists aren't working off the historical record, they're working off the geological record - offset sedimentary layers, uplifted river terraces, etc.\n\nAlso, 1776 is the year the US declared its independence. I'm not sure what that has to do with anything. Europeans began to explore the California coast in the 16th century." Ieatbabies154 (Ieatbabies154): "Fair points"
User (23yearoldcatlady): "Hi everyone.\nI'm a 23 year old recent college graduate, and I've got some debt that I'd like advice on the best way to go about paying it all off.\nMost of the debt stems from me being "credit card" happy throughout the past 6 months and buying unnecessary things. Since then, I've learned my lesson, but now I need to do some damage control.\n\n\nMy debt is as follows:\n\n\nI owe ~$17,000 on a car that I purchased in July, I have no interest for 60 months, so I am making $300 payments and that should be paid off in 60 months.\n\n\nI owe $6,000 on a credit card, and I have no interest until May 2017. After that, my interest rate on this card will be about 18%. I am making minimum payments on this card.\n\n\nI owe $1,200 on another credit card with 23% interest rate. Making minimum payments on this card as well.\n\n\nI owe $1,300 from financing a mattress, again no interest for a year and I'm making $50 payments (I know I need to be paying more).\n\n\nI have an amazon card with a balance of $600 that I have no interest until November 2017. Should have no problem paying that off before November 2017, so I'm not as concerned about this card.\n\n\n\n\nAs you can see, I have quite a bit for a 23 year old, and I'd like to get this under control as soon as possible because my fiance and I would like to get a mortgage in the next few years. My credit score right now is a little over 600.\n\n\nMy main concern are the credit cards because I know the interest rates are pretty high. Should I try to pay off the $1,200 card because I already have a 23% APR and worry about the $6,000 card once the APR starts in May? Do I tackle both at the same time? What should my priorities be?\nOh, also I work full-time for a non-profit making $12.45 an hour. (About $1600 a month)\nThanks to everyone in advance. This has really been stressing me out and I'd like any help I can get." Self: "I am by no means an expert, but here's what I would do:\n\nFirst, make sure you're budgeting so you know exactly how much you can spend and how much you can put into this debt.\n\nI'd start by paying off those high interest credit cards first. Take care of those ASAP.\n\nAfter that, I'd refer to the [flowchart](https://i.imgur.com/1rPEkGQ.png) listed in the sidebar. That should help you get started if you don't get help from someone who knows what they're talking about. " User (23yearoldcatlady): "I appreciate your advice. I think that the first thing I'm going to do is completely pay off the $1,200 card since it has the highest interest as of right now. I'll make sure to look at the flowchart. Thanks!!"
User (23yearoldcatlady): "Hi everyone.\nI'm a 23 year old recent college graduate, and I've got some debt that I'd like advice on the best way to go about paying it all off.\nMost of the debt stems from me being "credit card" happy throughout the past 6 months and buying unnecessary things. Since then, I've learned my lesson, but now I need to do some damage control.\n\n\nMy debt is as follows:\n\n\nI owe ~$17,000 on a car that I purchased in July, I have no interest for 60 months, so I am making $300 payments and that should be paid off in 60 months.\n\n\nI owe $6,000 on a credit card, and I have no interest until May 2017. After that, my interest rate on this card will be about 18%. I am making minimum payments on this card.\n\n\nI owe $1,200 on another credit card with 23% interest rate. Making minimum payments on this card as well.\n\n\nI owe $1,300 from financing a mattress, again no interest for a year and I'm making $50 payments (I know I need to be paying more).\n\n\nI have an amazon card with a balance of $600 that I have no interest until November 2017. Should have no problem paying that off before November 2017, so I'm not as concerned about this card.\n\n\n\n\nAs you can see, I have quite a bit for a 23 year old, and I'd like to get this under control as soon as possible because my fiance and I would like to get a mortgage in the next few years. My credit score right now is a little over 600.\n\n\nMy main concern are the credit cards because I know the interest rates are pretty high. Should I try to pay off the $1,200 card because I already have a 23% APR and worry about the $6,000 card once the APR starts in May? Do I tackle both at the same time? What should my priorities be?\nOh, also I work full-time for a non-profit making $12.45 an hour. (About $1600 a month)\nThanks to everyone in advance. This has really been stressing me out and I'd like any help I can get." Self: "Do you have any other expenses like rent? Do you have any savings?" User (23yearoldcatlady): "I am fortunate enough that my fiance makes enough to cover our apartment's rent. I pay our utility bills (electric which is about $100/month, internet which is about $60/month) and our groceries. \n\nAs far as savings go, I was unemployed for about 2 months and so the little money that I had saved up was used to cover costs during that time. I'm basically living paycheck to paycheck as of right now." Self: "Okay, so a simple way to budget is to set 50% of income to needs, 20% to money goals and 30% to everything else. Since your needs equal about $460 (bills, groceries) take the reminder of the needs and put towards the money goals so $660 towards goals. Pay all your minimums as you are doing and what remains of the $660 put towards one debt. You seem to want to get rid of the 1.2k first so put towards that one. When done tackle the next debt, and so on. \n\nNow with the 30% for everything else. In my experience I would use all 30% to remove debt, but I can understand that it is difficult to do especially if it goes on for months. I would rather someone take a little longer paying debt then for them to get burnt-out and splurge. Try to push yourself, but be realistic. At least use $50 of the 30% towards an emergency fund savings until you get 1k. "
User (23yearoldcatlady): "Hi everyone.\nI'm a 23 year old recent college graduate, and I've got some debt that I'd like advice on the best way to go about paying it all off.\nMost of the debt stems from me being "credit card" happy throughout the past 6 months and buying unnecessary things. Since then, I've learned my lesson, but now I need to do some damage control.\n\n\nMy debt is as follows:\n\n\nI owe ~$17,000 on a car that I purchased in July, I have no interest for 60 months, so I am making $300 payments and that should be paid off in 60 months.\n\n\nI owe $6,000 on a credit card, and I have no interest until May 2017. After that, my interest rate on this card will be about 18%. I am making minimum payments on this card.\n\n\nI owe $1,200 on another credit card with 23% interest rate. Making minimum payments on this card as well.\n\n\nI owe $1,300 from financing a mattress, again no interest for a year and I'm making $50 payments (I know I need to be paying more).\n\n\nI have an amazon card with a balance of $600 that I have no interest until November 2017. Should have no problem paying that off before November 2017, so I'm not as concerned about this card.\n\n\n\n\nAs you can see, I have quite a bit for a 23 year old, and I'd like to get this under control as soon as possible because my fiance and I would like to get a mortgage in the next few years. My credit score right now is a little over 600.\n\n\nMy main concern are the credit cards because I know the interest rates are pretty high. Should I try to pay off the $1,200 card because I already have a 23% APR and worry about the $6,000 card once the APR starts in May? Do I tackle both at the same time? What should my priorities be?\nOh, also I work full-time for a non-profit making $12.45 an hour. (About $1600 a month)\nThanks to everyone in advance. This has really been stressing me out and I'd like any help I can get." Self: "I would start with paying off the card you are already paying interest on while keeping up the minimums on the others. I would also really recommend finding a better/a second job. " User (23yearoldcatlady): "Yeah, I'd really like a better job, unfortunately I'm working in the nonprofit sector and so wages aren't the highest. But I love what I do, so I might try finding a part-time job from home that could provide me with a little extra income to pay off some of my debt. Thank you!" Self: "That's great you like what you do but you're young and in a good amount of debt compared to your income. Try spending 2 years with two jobs or look for something else for a bit and come back to what you like when you're debt free"
User (freyjastormrage): "Hi- so some background. I am a few months pregnant and would like to find a nice place to deposit money either weekly or monthly into an account for them for their future, be it school or just a nice nest egg for investments, basically whatever they'd want to use it for when they hit 18 or so. \n\nI'd also like to do the same for my brother, who is nearly 9, and lives with my estranged mother who is and will always be broke and make horrible financial decisions. He will be screwed at 18, as neither side of his family has/would be willing to put money aside for his future. I am not in the best financial situation now, but my partner and I can afford around between 50 or so monthly for each of them for now, the rest of our 'disposable' income (around $400-$600 after bills and will chance slightly once baby is born and we move in with family to help save more- it just depends) will go into investing/savings for our tinyhome/pursuit of financial indy. I will be meeting with my financially savvy aunt later to discuss where/what/how much to invest for that later this month.\n\nAnyways, I was just wondering what the best places to squirrel money away for them would be? Any advice would be greatly appreciated!!\n " Self: "50/month = 600/year. 10 years to go from 8.x yo to 18 yo. Even with investment growth, this is not even close to the gift reporting threshold. You can just put it in your own account and gift to him lump sum on his 18th birthday. \n\nThere are also trust mechanisms if you wish to gift more over the years. " User (freyjastormrage): "I'm really sorry, but could you dumb this down for me a tiny bit; I'm not sure what gift reporting threshold is. I was definitely planning to open the account under my name so his mother has no idea, because she will steal it if given the opportunity. \n\nWould you recommend the same thing for my baby as well, or something like investments since there's a lot more time?\n\n " Self: "You are allowed to gift a person (including trusts) up to $14000 per year (per recipient) without needing to report this on your tax return. Exceeding this amount will start to deplete your lifetime $5.4 mil exemption. You might start paying gift taxes after depleting this exemption.\n\nSince your amount over 10 years is only $6000, this won't be an issue. You can simply give it to your brother.\n\nFor your baby, you can open a UGMA after birth. The kid will be the account holder and you'll be the account custodian (you do trust yourself not to steal his/her money, right?). You can also open a 529 account for education only. Both have investment options.\n\n" User (freyjastormrage): "Ah, ok, that makes sense. Thank you for your explanations. I will have to keep a record of his money vs me and my partners money in our account, and then either pull it out in the lump some at the time or see if he'd rather do a allowance type thing. I do trust myself and partner not to take his designated money, yes. \n\nThank you very much, I really appreciate your advice and time.! "
User (freyjastormrage): "Hi- so some background. I am a few months pregnant and would like to find a nice place to deposit money either weekly or monthly into an account for them for their future, be it school or just a nice nest egg for investments, basically whatever they'd want to use it for when they hit 18 or so. \n\nI'd also like to do the same for my brother, who is nearly 9, and lives with my estranged mother who is and will always be broke and make horrible financial decisions. He will be screwed at 18, as neither side of his family has/would be willing to put money aside for his future. I am not in the best financial situation now, but my partner and I can afford around between 50 or so monthly for each of them for now, the rest of our 'disposable' income (around $400-$600 after bills and will chance slightly once baby is born and we move in with family to help save more- it just depends) will go into investing/savings for our tinyhome/pursuit of financial indy. I will be meeting with my financially savvy aunt later to discuss where/what/how much to invest for that later this month.\n\nAnyways, I was just wondering what the best places to squirrel money away for them would be? Any advice would be greatly appreciated!!\n " Self: "Barclays has an online savings account that earns 1% if you want something easy. "
User (HealzFault): "I just sold my home and with the proceeds from the sale (after commission etc) will be about 46K. I have about 25K in high interest credit card debt. I am active duty navy and have the VA loan to use for purchasing my next home (I have never used this benefit before). Since the VA Loan finances 100%, I would not need a down payment. \n\nDoes this make good financial sense? I am moving to a state with a much lower cost of living and homes are significantly less expensive so when I do buy, even if I dont put money down, my mortgage will be about half what I was paying. I am a Registered Nurse, separating from the Navy soon, and will have a good job in my new community. \n\nMy credit is excellent, I just have alot of credit card debt." Self: "You may find these links helpful:\n\n- [General Information on Rollovers](http://www.reddit.com/r/personalfinance/wiki/retirementaccounts/rollovers)\n- [401(k) Fund Selection Guide](http://www.reddit.com/r/personalfinance/wiki/401k_funds)\n- [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (HealzFault): "I just sold my home and with the proceeds from the sale (after commission etc) will be about 46K. I have about 25K in high interest credit card debt. I am active duty navy and have the VA loan to use for purchasing my next home (I have never used this benefit before). Since the VA Loan finances 100%, I would not need a down payment. \n\nDoes this make good financial sense? I am moving to a state with a much lower cost of living and homes are significantly less expensive so when I do buy, even if I dont put money down, my mortgage will be about half what I was paying. I am a Registered Nurse, separating from the Navy soon, and will have a good job in my new community. \n\nMy credit is excellent, I just have alot of credit card debt." Self: "Get rid of the debt. You don't need the money for the house, you'll have a nice emergency fund left and you'll start to love a life where recurring (high) interest payments are a thing of the past." User (HealzFault): "Thanks I tend to agree. Thanks alot!"
User (HealzFault): "I just sold my home and with the proceeds from the sale (after commission etc) will be about 46K. I have about 25K in high interest credit card debt. I am active duty navy and have the VA loan to use for purchasing my next home (I have never used this benefit before). Since the VA Loan finances 100%, I would not need a down payment. \n\nDoes this make good financial sense? I am moving to a state with a much lower cost of living and homes are significantly less expensive so when I do buy, even if I dont put money down, my mortgage will be about half what I was paying. I am a Registered Nurse, separating from the Navy soon, and will have a good job in my new community. \n\nMy credit is excellent, I just have alot of credit card debt." Self: "Pay off the high interest credit card debt. Please.\n\nOtherwise, you are, in effect, borrowing this money at a huge interest rate. "
User (HealzFault): "I just sold my home and with the proceeds from the sale (after commission etc) will be about 46K. I have about 25K in high interest credit card debt. I am active duty navy and have the VA loan to use for purchasing my next home (I have never used this benefit before). Since the VA Loan finances 100%, I would not need a down payment. \n\nDoes this make good financial sense? I am moving to a state with a much lower cost of living and homes are significantly less expensive so when I do buy, even if I dont put money down, my mortgage will be about half what I was paying. I am a Registered Nurse, separating from the Navy soon, and will have a good job in my new community. \n\nMy credit is excellent, I just have alot of credit card debt." Self: "http://www.kiplinger.com/article/taxes/T054-C000-S001-tax-planning-for-selling-your-home.html" User (HealzFault): "Appreciate the link. Thankfully no capital gains for me. "
User (HealzFault): "I just sold my home and with the proceeds from the sale (after commission etc) will be about 46K. I have about 25K in high interest credit card debt. I am active duty navy and have the VA loan to use for purchasing my next home (I have never used this benefit before). Since the VA Loan finances 100%, I would not need a down payment. \n\nDoes this make good financial sense? I am moving to a state with a much lower cost of living and homes are significantly less expensive so when I do buy, even if I dont put money down, my mortgage will be about half what I was paying. I am a Registered Nurse, separating from the Navy soon, and will have a good job in my new community. \n\nMy credit is excellent, I just have alot of credit card debt." Self: "IMHO: \n\n- pay off the CCs. \n\n- cut up the CCs s you don't misuse them again. \n\n- don't get a VA loan. they have the highest rates. it's sad given that vets should get a break for their service, but you're honestly better off getting an FHA loan or conventional. \n\n- save for a down payment on the new house. \n" User (HealzFault): "i'm not sure that the VA loan has higher rates, but would agree there is higher fees involved when originating the loan. Still better than the traditional 20% required for a conventional" southpawsinker (southpawsinker): "You only need 5% for a conventional. You will have the PMI until you reach 20% equity but then it goes away" User (HealzFault): "Ahh gotcha. Thanks"
User (51Bootwearer): "My father and I share names, although I have a middle name and he doesn't.\n\nAbout thirty minutes ago I created an account on my parents Car Insurance companies website so I could pay their past due bill. I used my fathers information (Name, last four, date of birth) to create the account and it led to a verification process of four multiple choice questions.\n\nThe first one asked for a Zip code that he previously lived at containing my previous address.\n\nThe second asked for his wifes name that didn't list any of his wives names but did list my ex wife.\n\nThe third asked for previous numbers he was associated with that contained my old cell number.\n\nAnd the fourth stated that he closed on a VA Home Loan and which mortgage company was used, which included the name of the company I used.\n\nI picked every answer as if it were me and not him and it went through, so I called him and talked to him about it and he had said that he had previously checked his credit and noticed a Bank of America Credit Card belonging to him that he doesn't have but I do, as well as several other instances of me being on his credit report.\n\n\nThis is just the beginning of us noticing this, but since I answered the questions as me instead of him I figured the account wouldn't have been allowed through but it was.\n\nDoes anyone know what's going on or have advice?\n\nEdit: It's Friday and I was Drunk and made spelling mistakes." Self: "about 20 years ago, I got my first copies of my credit report. back then transunion delivered them by pterodactyl. \n\nanyway, I was a year or two out of high school and had a gas card and a CC. somehow they got my credit history mixed up with an uncle. our SSNs ad DOBs were different, but we had same last name, and similar addresses in the same city. (something like 123 Maple St vs. 231 Maple Ave.). I was expecting 2 items on the credit history, but the credit report was about 10 pages with a mortgage, car loans, CCs and other accounts. \n\nI had to write back to transunion explaining which accounts were actually mine and disputing the others. they responded relatively quickly and cleaned up the mess. my next credit report had only the proper accounts listed. I still don't know how it happened. \n\nI can only imagine that something similar happened to you and your dad. so pull copies of your credit reports and start sorting out which is which, writing letters or emails or whatever's needed. "
User (51Bootwearer): "My father and I share names, although I have a middle name and he doesn't.\n\nAbout thirty minutes ago I created an account on my parents Car Insurance companies website so I could pay their past due bill. I used my fathers information (Name, last four, date of birth) to create the account and it led to a verification process of four multiple choice questions.\n\nThe first one asked for a Zip code that he previously lived at containing my previous address.\n\nThe second asked for his wifes name that didn't list any of his wives names but did list my ex wife.\n\nThe third asked for previous numbers he was associated with that contained my old cell number.\n\nAnd the fourth stated that he closed on a VA Home Loan and which mortgage company was used, which included the name of the company I used.\n\nI picked every answer as if it were me and not him and it went through, so I called him and talked to him about it and he had said that he had previously checked his credit and noticed a Bank of America Credit Card belonging to him that he doesn't have but I do, as well as several other instances of me being on his credit report.\n\n\nThis is just the beginning of us noticing this, but since I answered the questions as me instead of him I figured the account wouldn't have been allowed through but it was.\n\nDoes anyone know what's going on or have advice?\n\nEdit: It's Friday and I was Drunk and made spelling mistakes." Self: "Anything on your report that shouldn't be, dispute it. Anything on your Dad's report that shouldn't be, he should dispute that. Also make sure you both dispute incorrect names and former addresses. If your Dad's address shows up on your report as a former address, you might want to dispute that too, even if you previously lived there. Having it on there doesn't help any and is more likely to confuse the credit authority.\n\nCredit reports use sloppy matching. So if the SSN doesn't match but the name does, and maybe a former address, it can still end up on your report. It sucks and is error prone, but that's how they choose to do it."
User (Cien_fuegos): "I have 2 capital one credit cards with the same (or about the same...they really hide that from you) interest rate. And one has a balance of almost $850 the other is $615. I usually ignore them for paying other bills but obviously it's hurting me. I think it overwhelms me to pay both credit card bills each month...so I'm thinking I'll pay the biggest one off then pay the smaller one off after. But just make payments on one card a month. I'm thinking I can pay the big one off by march at the latest. \n\nAny advice would be awesome" Self: "You may find these links helpful:\n\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n- [Dealing with collections](http://www.reddit.com/r/personalfinance/wiki/collections)\n- [Credit Repair](http://www.reddit.com/r/personalfinance/wiki/credit_building#wiki_i_have_bad_credit.2C_and_i_am_looking_to_repair_it.)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (Cien_fuegos): "I have 2 capital one credit cards with the same (or about the same...they really hide that from you) interest rate. And one has a balance of almost $850 the other is $615. I usually ignore them for paying other bills but obviously it's hurting me. I think it overwhelms me to pay both credit card bills each month...so I'm thinking I'll pay the biggest one off then pay the smaller one off after. But just make payments on one card a month. I'm thinking I can pay the big one off by march at the latest. \n\nAny advice would be awesome" User (Cien_fuegos): "Sorry I found where my interest rates were and they are both the same 23.17%. \n\nI know some will say call and ask to get it lowered but I'm not sure that is an option that will yield results because of my history of late/nonpayments (pretty much screwed the pooch on that myself). "
User (Cien_fuegos): "I have 2 capital one credit cards with the same (or about the same...they really hide that from you) interest rate. And one has a balance of almost $850 the other is $615. I usually ignore them for paying other bills but obviously it's hurting me. I think it overwhelms me to pay both credit card bills each month...so I'm thinking I'll pay the biggest one off then pay the smaller one off after. But just make payments on one card a month. I'm thinking I can pay the big one off by march at the latest. \n\nAny advice would be awesome" Self: "Pay at least the minimum payments on both..... at least. Even making minimum payments, you are hardly eating into the principal. \n\nIf you just ignore one or the other - your credit score will take a huge hit. Your credit card debt is relatively small - but given that paying it off is a burden, I would recommend staying away from CC in the future. (In your case)\n\nTreat a CC like a debit card. That is, don't put anything on it that you can't pay off today. The credit card interest game will kill you." User (Cien_fuegos): "It's been 8 or 10 months since I've actually used these cards. But I see what you're saying. Thinking about it if I make the minimum payment I'm saving myself from paying that $35 late fee each month. Thanks for the advice!"
User (sfmtl): "Hi All,\n\nI have an accepted offer on a house my wife and I are planning to buy. One unusual conditions of the sellers is that the deed of sale date is on the 26th of May. My wife and I have a 20% down payment and lots of RRSP contribution room. Since the closing date is so far in the future, we are thinking about moving 25K each into our RRSPs, get the tax refund, and then using the first time homebuyers plan to withdraw the money in the spring, when the closing date is closer.\n\nIn doing this we would get back a sizable return each. Is there a downside to this that I am not seeing?\n\nThanks" Self: "You may find these links helpful:\n\n- [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (sfmtl): "Hi All,\n\nI have an accepted offer on a house my wife and I are planning to buy. One unusual conditions of the sellers is that the deed of sale date is on the 26th of May. My wife and I have a 20% down payment and lots of RRSP contribution room. Since the closing date is so far in the future, we are thinking about moving 25K each into our RRSPs, get the tax refund, and then using the first time homebuyers plan to withdraw the money in the spring, when the closing date is closer.\n\nIn doing this we would get back a sizable return each. Is there a downside to this that I am not seeing?\n\nThanks" Self: "FTHBP is a "loan" from yourself; you have to pay it back in a certain amount of time or you will be taxed on it. So, your future contributions will count toward paying it back and won't be deducted from your taxable income. That said, your tax refund can be put against it so it may work out well for you. Without doing the math, my hunch says you're better off holding it in a regular, taxable account until you close on the house." User (sfmtl): "I understood the loan against myself component, however you phrased that in a way that makes me see that in doing this I am reducing my future ability to make deductions for contributions. That being the case, 25K each at my marginal rate and my wife's should be between 11-13K total, which I will have to take into consideration vs our future earning potential's deduction rate."
User (sfmtl): "Hi All,\n\nI have an accepted offer on a house my wife and I are planning to buy. One unusual conditions of the sellers is that the deed of sale date is on the 26th of May. My wife and I have a 20% down payment and lots of RRSP contribution room. Since the closing date is so far in the future, we are thinking about moving 25K each into our RRSPs, get the tax refund, and then using the first time homebuyers plan to withdraw the money in the spring, when the closing date is closer.\n\nIn doing this we would get back a sizable return each. Is there a downside to this that I am not seeing?\n\nThanks" Self: "I'm doing the same thing, though waiting until 2018 to buy. If you're in a higher tax bracket you're going to benefit greatly. Compare how much you'd save in taxes and see if it is worth it for you."
User (DerpyToker): "Sorry if there's any formatting issues, I'm on mobile. I'm 30 years old, and in my 30 years I've made some costly mistakes. I've had two cars repossessed and over 35k in hospital bills since 2006 due to the long battle of diagnosing anxiety/bipolar depression. Right now I'm making 1,200 a month living with my girlfriend and her son. I don't see how I can possibly pay off this debt in my lifetime and I'm desperate for any kind of advice." Self: "Well medical debt usually doesn't affect your credit all that much in the US anyway so I'd just let that be, how long ago were the repo's? " User (DerpyToker): "Really? I didn't know that. The latest repo was 7/15. The other one was 7/09. My current credit score is 494." Self: "So when you look at your credit report do you see any medical bills? And as for the repo 's the best I can offer would be to call whoever owns the debt now and work out some kind of repayment plan if you can swing it however make sure that whatever they sold the vehicle for is taken off the original amount you owed when the vehicle was repossessed " User (DerpyToker): "Out of the 11 items that show up in Collections 8 are medical bills. I will inquire about making payments, but I'm trying to figure out the totals. \n\nThe repo last year: Balance 5,183. Highest Balance 6,495. Past due 1,160. What amount would I actually have to pay?"
User (DerpyToker): "Sorry if there's any formatting issues, I'm on mobile. I'm 30 years old, and in my 30 years I've made some costly mistakes. I've had two cars repossessed and over 35k in hospital bills since 2006 due to the long battle of diagnosing anxiety/bipolar depression. Right now I'm making 1,200 a month living with my girlfriend and her son. I don't see how I can possibly pay off this debt in my lifetime and I'm desperate for any kind of advice." Self: "you could try applying for social security disability insurance if you have a diagnosis of bipolar 1, it is affecting your ability to work, and you paid enough into social security taxes over your 30 years." etjasinski (etjasinski): "As someone who is on disability that is not the best way of life you get paid once a month so budgeting is necessary and it usually pays about minimum wage you can work part time but can't make over 1000$ a month so think about it "
User (DerpyToker): "Sorry if there's any formatting issues, I'm on mobile. I'm 30 years old, and in my 30 years I've made some costly mistakes. I've had two cars repossessed and over 35k in hospital bills since 2006 due to the long battle of diagnosing anxiety/bipolar depression. Right now I'm making 1,200 a month living with my girlfriend and her son. I don't see how I can possibly pay off this debt in my lifetime and I'm desperate for any kind of advice." Self: "Well medical debt usually doesn't affect your credit all that much in the US anyway so I'd just let that be, how long ago were the repo's? " User (DerpyToker): "I also have no payment history. I've never had a credit card and both of those car repos were through Buy Here Pay Here. " Self: "OK I can't tell you how much you will have to pay it depends alot on your negotiating skills however they want money so think of it like this if someone owed you 5000$ and they lost their job you'd probably expect not to get all of your money back however so of your money back is better than nothing so explain the situation to the creditor and negotiate the amount of the payments you can afford alot of the time you won't have to pay any late fees and you maybe you can even negotiate some of the original balance but like I said before they repo'd your car and auctioned it the money it got at auction will go towards your balance so you need to ask what the car sold for after repo and subtract that " User (DerpyToker): "I'll definitely contact the collections company and see if we can come to an agreement. My income doesn't allow much flexibility because I pay for half of everything here which is necessary."
User (DerpyToker): "Sorry if there's any formatting issues, I'm on mobile. I'm 30 years old, and in my 30 years I've made some costly mistakes. I've had two cars repossessed and over 35k in hospital bills since 2006 due to the long battle of diagnosing anxiety/bipolar depression. Right now I'm making 1,200 a month living with my girlfriend and her son. I don't see how I can possibly pay off this debt in my lifetime and I'm desperate for any kind of advice." Self: "you could try applying for social security disability insurance if you have a diagnosis of bipolar 1, it is affecting your ability to work, and you paid enough into social security taxes over your 30 years." User (DerpyToker): "I tried applying before but didn't get accepted for whatever reason. I'm trying to get insurance now to get back on my meds but my monthly income is limited. I had intermittent Leave of Absence at my old job because of my condition, but the state didn't deem me worthy to collect which really confused me."
User (DerpyToker): "Sorry if there's any formatting issues, I'm on mobile. I'm 30 years old, and in my 30 years I've made some costly mistakes. I've had two cars repossessed and over 35k in hospital bills since 2006 due to the long battle of diagnosing anxiety/bipolar depression. Right now I'm making 1,200 a month living with my girlfriend and her son. I don't see how I can possibly pay off this debt in my lifetime and I'm desperate for any kind of advice." Self: "Well medical debt usually doesn't affect your credit all that much in the US anyway so I'd just let that be, how long ago were the repo's? " User (DerpyToker): "I also have no payment history. I've never had a credit card and both of those car repos were through Buy Here Pay Here. " Self: "Have you tried applying for a target card or whatever department store you shop at? If anything apply for a secured card where you send in like 200$ as a security and get a card your 200$ collects interest and if you keep your payments on time and don't go over the credit limit it should not take very long until they give you the deposit back " User (DerpyToker): "I never tried to apply for a card before but I know that's a good way to jumpstart my credit and show responsibility. I never got one before because honesty they scared the shit out of me. I'm past the point in my life where immaturity and financial irresponsibility is acceptable so I think it's time to get a secured card. " Self: "My credit report is a mess too we're not the only ones so don't be to hard on yourself " User (DerpyToker): "I'm just overwhelmed. Talking to my girlfriend about the future and owning a home one day. I really appreciate you helping me out and giving advice" Self: "Good luck to you glad I could be of some help I'm in the process of trying to clean my credit up as of now I only have 2 cellular carriers as charge offs in collections "
User (DerpyToker): "Sorry if there's any formatting issues, I'm on mobile. I'm 30 years old, and in my 30 years I've made some costly mistakes. I've had two cars repossessed and over 35k in hospital bills since 2006 due to the long battle of diagnosing anxiety/bipolar depression. Right now I'm making 1,200 a month living with my girlfriend and her son. I don't see how I can possibly pay off this debt in my lifetime and I'm desperate for any kind of advice." Self: "Also check out the [wiki pages on credit](https://www.reddit.com/r/personalfinance/wiki/index#wiki_credit) that we have."
User (CrashLandyn): "Hi Personal Finance!\n\nI'm employed at a hardware company with a large game developer program. I was originally hired without a degree, but several years ago my boss asked me to get a bachelors in a related field of study to help with my career development. I've been studying game design and I'll be graduating in spring next year!\n\nI have been being reimbursed by my company for my school expenses, but I've been paying taxes on my reimbursements for the last three years.\n\nI stumbled across this today: https://ttlc.intuit.com/questions/2825697-can-i-deduct-work-related-education-expense-when-self-employed-where-or-is-this-a-schedule-c-professional-expense\n\nSince I've been studying a formal game design degree and I work in a game developer program, have I been paying extra taxes? The language in the link above is unclear to me." Self: "You may find these links helpful:\n\n- [Tax Software Megathread](http://redd.it/41dew6)\n- [Taxes wiki page](https://www.reddit.com/r/personalfinance/wiki/taxes)\n- [Understanding tax brackets](https://www.reddit.com/r/personalfinance/wiki/taxes#wiki_eli5.3A_taxable_income.2C_tax_brackets.2C_marginal_tax_rates)\n- [W-4 IRS Withholding Calculator](http://www.irs.gov/Individuals/IRS-Withholding-Calculator)\n\nI am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns."
User (MellowBug): "Not sure if you guys can help here, but I could really lose some. I will try not to ramble, as I am really bad about that.\n\nSo long story short, I just got served with a notice that my wages are going to be garnished. It is from a bill in collections for a ticket I got a long time ago.\n\nI am not unfamiliar with collections, as I have had/have countless hospital bills there.\n\nAnyways, as it is I am already living less than paycheck to paycheck. My account gets overdrawn every paycheck from just paying bills.\n\nI primarily have rent, electric, phone, car loan, car insurance.\n\nI have an additional loan taken out ($2,000) from paying off a couple hospital bills and another ticket I had. So that is an additional bill. Plus I know I have dozens of hospital bills in collections, or at least on their way to collections.\n\nIn any case, I am struggling. My boyfriend, whom I live with, is between jobs too, so that is just another hurdle we am struggling with.\n\nIn any case, I literally can not afford to have my wages garnished. We are doing oddjobs just to cover the second half of rent, and primarily living off dollar store meals. And even then I am getting overdrawn paying my primary bills (which charges even more money).\n\nSo I believe bankruptcy is my only option.\n\nDoes anyone have experience with this? Is it as scary, and awful as its made out to be? What are the first steps of the whole process?\n\nAnd does anyone know how my car will be affected? I read that you can keep it, if you remain paying the bill, but I am honestly struggling so much to pay even that. It's almost as much as my rent it. But I need my car for work, and I obviously can't afford to get a new, cheaper one.\n\nSorry for the wall of text. And thank you in advance for any help, or advice.\n\nI am drowning here. I don't know how much longer I can last like this. I just don't know what to do." Self: "Bankruptcy will cost not far from $2k itself. " User (MellowBug): "I don't know if it maybe it varies by state, but I thought I had read it would cost $350; and my boss has offered to front me that money to help." jtran4 (jtran4): "I believe that just to file a chapter 7, but does not include attorney fee. " LawBot2016 (LawBot2016): "The parent post mentions [Chapter 7](http://legaliq.com/Definition/Chapter_7) which is a term that many people do not know. Here is the definition: ^(knowledge is power) \n** \nSection of US bankruptcy code that specifies a court-appointed trustee or receiver to collect and liquidate the debtor's property to satisfy the creditors' claims. Either the debtor or creditor may petition a court to appoint a trustee. [[View More](http://legaliq.com/Definition/Chapter_7)] \n \n \n \n^(Note**: Will automatically delete if comment score is -1 or less) ^\| [^FAQ](http://legaliq.com/reddit)"
User (MellowBug): "Not sure if you guys can help here, but I could really lose some. I will try not to ramble, as I am really bad about that.\n\nSo long story short, I just got served with a notice that my wages are going to be garnished. It is from a bill in collections for a ticket I got a long time ago.\n\nI am not unfamiliar with collections, as I have had/have countless hospital bills there.\n\nAnyways, as it is I am already living less than paycheck to paycheck. My account gets overdrawn every paycheck from just paying bills.\n\nI primarily have rent, electric, phone, car loan, car insurance.\n\nI have an additional loan taken out ($2,000) from paying off a couple hospital bills and another ticket I had. So that is an additional bill. Plus I know I have dozens of hospital bills in collections, or at least on their way to collections.\n\nIn any case, I am struggling. My boyfriend, whom I live with, is between jobs too, so that is just another hurdle we am struggling with.\n\nIn any case, I literally can not afford to have my wages garnished. We are doing oddjobs just to cover the second half of rent, and primarily living off dollar store meals. And even then I am getting overdrawn paying my primary bills (which charges even more money).\n\nSo I believe bankruptcy is my only option.\n\nDoes anyone have experience with this? Is it as scary, and awful as its made out to be? What are the first steps of the whole process?\n\nAnd does anyone know how my car will be affected? I read that you can keep it, if you remain paying the bill, but I am honestly struggling so much to pay even that. It's almost as much as my rent it. But I need my car for work, and I obviously can't afford to get a new, cheaper one.\n\nSorry for the wall of text. And thank you in advance for any help, or advice.\n\nI am drowning here. I don't know how much longer I can last like this. I just don't know what to do." Self: "How much is your total debt load?" User (MellowBug): "I am not sure about all the debt accumulatively, with all the dozens of hospital bills floating around.\n\nI know I have the $2,000 debt consolidation loan. Probably around $1,700 now.\n\n$1,700 in a line of credit to pay off.\n\nProbably around $12,000 left for my car estimated.\n\n$700 for the debt collectors that are garnishing me.\n\nAnd probably $8,000+ for hospital if I had to guess." atlgeek007 (atlgeek007): "Keep in mind you could possibly lose your car by filing chapter 7 unless you can get current on the car loan and exclude it from the bankruptcy\n\nWithout that debt included I don't see filing bankruptcy as the first option. Finding a second job would be more important. " User (MellowBug): "I am currently up to date on my car payments, thankfully.\n\nAnd I will try to find a second job. But my schedule is incredibly trying and strange. Three days a week I work at 5 in the morning, and two random day shifts. So I would have to find a VERY flexible second job that could work around my current."
User (MellowBug): "Not sure if you guys can help here, but I could really lose some. I will try not to ramble, as I am really bad about that.\n\nSo long story short, I just got served with a notice that my wages are going to be garnished. It is from a bill in collections for a ticket I got a long time ago.\n\nI am not unfamiliar with collections, as I have had/have countless hospital bills there.\n\nAnyways, as it is I am already living less than paycheck to paycheck. My account gets overdrawn every paycheck from just paying bills.\n\nI primarily have rent, electric, phone, car loan, car insurance.\n\nI have an additional loan taken out ($2,000) from paying off a couple hospital bills and another ticket I had. So that is an additional bill. Plus I know I have dozens of hospital bills in collections, or at least on their way to collections.\n\nIn any case, I am struggling. My boyfriend, whom I live with, is between jobs too, so that is just another hurdle we am struggling with.\n\nIn any case, I literally can not afford to have my wages garnished. We are doing oddjobs just to cover the second half of rent, and primarily living off dollar store meals. And even then I am getting overdrawn paying my primary bills (which charges even more money).\n\nSo I believe bankruptcy is my only option.\n\nDoes anyone have experience with this? Is it as scary, and awful as its made out to be? What are the first steps of the whole process?\n\nAnd does anyone know how my car will be affected? I read that you can keep it, if you remain paying the bill, but I am honestly struggling so much to pay even that. It's almost as much as my rent it. But I need my car for work, and I obviously can't afford to get a new, cheaper one.\n\nSorry for the wall of text. And thank you in advance for any help, or advice.\n\nI am drowning here. I don't know how much longer I can last like this. I just don't know what to do." Self: "Bankruptcy will cost not far from $2k itself. " User (MellowBug): "I don't know if it maybe it varies by state, but I thought I had read it would cost $350; and my boss has offered to front me that money to help." jtran4 (jtran4): "I believe that just to file a chapter 7, but does not include attorney fee. " User (MellowBug): "I believe a chapter 7 is what I was told to do. My income qualifies. I work minimum wage. But I am not sure about an attorney." jtran4 (jtran4): "I believe the attorney fees are from 500 to 3k depending on how complex it is. " User (MellowBug): "Damn, okay...\n\nAnd I know I would also have to get an attorney if I wanted to argue the garnishment itself.\n\nThis all just feels helpless, I don't know a way out. I can't pay my bills of they garnish my wages. I can't even pay them now. I work full time, I budget my money. I don't know what else I can do." Hark_An_Adventure (Hark_An_Adventure): "You need to take desperate action to raise your income. Can you deliver pizzas, donate plasma/sperm/blood, or teach a skill for petty cash?"
User (MellowBug): "Not sure if you guys can help here, but I could really lose some. I will try not to ramble, as I am really bad about that.\n\nSo long story short, I just got served with a notice that my wages are going to be garnished. It is from a bill in collections for a ticket I got a long time ago.\n\nI am not unfamiliar with collections, as I have had/have countless hospital bills there.\n\nAnyways, as it is I am already living less than paycheck to paycheck. My account gets overdrawn every paycheck from just paying bills.\n\nI primarily have rent, electric, phone, car loan, car insurance.\n\nI have an additional loan taken out ($2,000) from paying off a couple hospital bills and another ticket I had. So that is an additional bill. Plus I know I have dozens of hospital bills in collections, or at least on their way to collections.\n\nIn any case, I am struggling. My boyfriend, whom I live with, is between jobs too, so that is just another hurdle we am struggling with.\n\nIn any case, I literally can not afford to have my wages garnished. We are doing oddjobs just to cover the second half of rent, and primarily living off dollar store meals. And even then I am getting overdrawn paying my primary bills (which charges even more money).\n\nSo I believe bankruptcy is my only option.\n\nDoes anyone have experience with this? Is it as scary, and awful as its made out to be? What are the first steps of the whole process?\n\nAnd does anyone know how my car will be affected? I read that you can keep it, if you remain paying the bill, but I am honestly struggling so much to pay even that. It's almost as much as my rent it. But I need my car for work, and I obviously can't afford to get a new, cheaper one.\n\nSorry for the wall of text. And thank you in advance for any help, or advice.\n\nI am drowning here. I don't know how much longer I can last like this. I just don't know what to do." Self: "How much is your total debt load?" User (MellowBug): "I am not sure about all the debt accumulatively, with all the dozens of hospital bills floating around.\n\nI know I have the $2,000 debt consolidation loan. Probably around $1,700 now.\n\n$1,700 in a line of credit to pay off.\n\nProbably around $12,000 left for my car estimated.\n\n$700 for the debt collectors that are garnishing me.\n\nAnd probably $8,000+ for hospital if I had to guess." notseriousIswear (notseriousIswear): "Don't forget to try calling the hospital billing dept to change your monthly payment as low as possible. Explain you're broke and they will probably work with you." User (MellowBug): "I don't pay anything on my hospital bills right now, due to literally not being able to. That's the problem, they are all being send to collections one right after the other. But I can not afford any other bill. I am going negative in my balance every single month just paying bills. I use my tip money to get groceries and whatnot usually." notseriousIswear (notseriousIswear): "Have you called the hospital billing dept? If you havent, do it asap. Just something to try. They let me pay 25$ a month and never sent to collections nor added interest. This is something you want to try for!"
User (MellowBug): "Not sure if you guys can help here, but I could really lose some. I will try not to ramble, as I am really bad about that.\n\nSo long story short, I just got served with a notice that my wages are going to be garnished. It is from a bill in collections for a ticket I got a long time ago.\n\nI am not unfamiliar with collections, as I have had/have countless hospital bills there.\n\nAnyways, as it is I am already living less than paycheck to paycheck. My account gets overdrawn every paycheck from just paying bills.\n\nI primarily have rent, electric, phone, car loan, car insurance.\n\nI have an additional loan taken out ($2,000) from paying off a couple hospital bills and another ticket I had. So that is an additional bill. Plus I know I have dozens of hospital bills in collections, or at least on their way to collections.\n\nIn any case, I am struggling. My boyfriend, whom I live with, is between jobs too, so that is just another hurdle we am struggling with.\n\nIn any case, I literally can not afford to have my wages garnished. We are doing oddjobs just to cover the second half of rent, and primarily living off dollar store meals. And even then I am getting overdrawn paying my primary bills (which charges even more money).\n\nSo I believe bankruptcy is my only option.\n\nDoes anyone have experience with this? Is it as scary, and awful as its made out to be? What are the first steps of the whole process?\n\nAnd does anyone know how my car will be affected? I read that you can keep it, if you remain paying the bill, but I am honestly struggling so much to pay even that. It's almost as much as my rent it. But I need my car for work, and I obviously can't afford to get a new, cheaper one.\n\nSorry for the wall of text. And thank you in advance for any help, or advice.\n\nI am drowning here. I don't know how much longer I can last like this. I just don't know what to do." Self: "Have you looked into part-time jobs? How about Uber or Lyft? I've talked to many a driver that actually do it is a full-time job, It's convenient, and decent money. maybe your boyfriend could drive you to work and drop you off, then use the car to Uber throughout the day since he's in between jobs?" User (MellowBug): "He doesn't have his licence, and my car doesn't meet the requirements. But that's a really good idea though, thank you! "
User (MellowBug): "Not sure if you guys can help here, but I could really lose some. I will try not to ramble, as I am really bad about that.\n\nSo long story short, I just got served with a notice that my wages are going to be garnished. It is from a bill in collections for a ticket I got a long time ago.\n\nI am not unfamiliar with collections, as I have had/have countless hospital bills there.\n\nAnyways, as it is I am already living less than paycheck to paycheck. My account gets overdrawn every paycheck from just paying bills.\n\nI primarily have rent, electric, phone, car loan, car insurance.\n\nI have an additional loan taken out ($2,000) from paying off a couple hospital bills and another ticket I had. So that is an additional bill. Plus I know I have dozens of hospital bills in collections, or at least on their way to collections.\n\nIn any case, I am struggling. My boyfriend, whom I live with, is between jobs too, so that is just another hurdle we am struggling with.\n\nIn any case, I literally can not afford to have my wages garnished. We are doing oddjobs just to cover the second half of rent, and primarily living off dollar store meals. And even then I am getting overdrawn paying my primary bills (which charges even more money).\n\nSo I believe bankruptcy is my only option.\n\nDoes anyone have experience with this? Is it as scary, and awful as its made out to be? What are the first steps of the whole process?\n\nAnd does anyone know how my car will be affected? I read that you can keep it, if you remain paying the bill, but I am honestly struggling so much to pay even that. It's almost as much as my rent it. But I need my car for work, and I obviously can't afford to get a new, cheaper one.\n\nSorry for the wall of text. And thank you in advance for any help, or advice.\n\nI am drowning here. I don't know how much longer I can last like this. I just don't know what to do." Self: "Can you share a car with your bf and sell yours? Sounds like a pricey car for what you make... you can use that money to pay off some debt (and get rid of the monthly payment) then save up for a used car. I got a decent car used for 5,000. " User (MellowBug): "I wish, he doesn't have a car unfortunately. I wish I could get rid of my car, and get a cheap used one. But I am still paying off my car so I do not believe I can get any profit to use towards a new one. " lfantine (lfantine): "Even if you don't make anything on the car, being out from under the monthly payment will add to your cash flow. Decent Toyota ought to be able to pass 200k miles. Say you spend 3k on a decent used car, owned free and clear, no car payment anymore. That would really help." User (MellowBug): "It would, but I can't afford to buy a new car for a while, even without the payments; and I can not do my job without a car. I work too early for buses, and it's a 35 minute ride." lfantine (lfantine): "Trade in?" User (MellowBug): "Well I am still paying it off, I had to get a car loan to get it. So I am not sure how that works with still owing money on it." kman36 (kman36): "They pay off the loan first with the trade in amount and if anything is left it goes back to you or to down payment on the new one. If you still owe more than the trade value, you need to bring money or roll the extra balance into the loan on the new car, putting you upside down on the new car if they will let you." User (MellowBug): "Is there a way outside of Kelly Blue Book to check the trade in value of a car? Should I just ask the dealership? I have an oil change appointment with them in a few days." kman36 (kman36): "Edmunds is another one that comes to mind. \n\nThe dealership offers less than the private party value because they need to account for markup in order to pay their staff and so on. Private parties are less willing to deal with the details of working with your bank to get the title and paperwork straightened out, but just having a lein on the vehicle doesn't make you 100% stuck with it. It comes down to what equity you have in it and how much transactional expense (dealers low offer, or reduced listing price for private sale, tax on the next car, etc) you have to take on it and what is left. \n\nIf you are near the end of the loan, you can likely come out cash positive by downgrading, but if it is less than 1 year old car you probably can't trade out of it without fronting cash. \n\nIt will cost a few thousand of dealer markup to trade, no matter where you stand currently on equity, so if you trade down you will want to be sure you are getting something that is right and you won't want to trade again in a year or less. This also means it will not be worth it to trade for something that is only say 3 years older and the same type of vehicle. The transaction costs will only be justified if you are transitioning to much older and potentialy more economy car, such as trading and awd suv for a fwd hatch."

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